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Iggy2007
68 Posts |
 Posted - 07/25/2008 : 01:06:28 AM
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I am sorry, but I have to ask. I see alot of posts on this website about loan mods.
People here are commenting that you do not need any type of license to do Loan Modifications.
I am in New York and when the banking dept made a requirement that all Loan officers need to be individually licensed I called an attorney that specializes in Real Estate and asked if this would affect people that do loan Modifications.
I spoke to an attorney awhile back and he said that in the State of New York, you have to have an individual MLO license and work for a licensed mortgage company.
He said if you are in negotiating between a lender and a borrower to modify an existing loan, taking an application regarding a mortgage and new terms of that a loan will be created that is falls under originating.
I understand the concept that you are only modify existing terms. But I also see his point of view also.
Is this attorney incorrect? He has been practicing law for 20 years and specializes in State and Federal Regulatory issues and proper licenses.
I even asked about real estate agents doing short sales. If the above is correct then how are they doing it for thier clients.
He stated that to do it legally they can not charge a seperate fee for completing the short sale itself. Any fee's that they collect can only be a real estate commision from the sale of the home.
If someone could please clarify I would appreciate it.
Sorry I know some of you are sick of questions regarding loan modifications.
I hope I made sense. I read this post aa the time, I just don't post that often.
Thanks for your time.
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Iggy2007
68 Posts |
Posted - 07/25/2008 : 10:26:57 AM
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| With all the people on here doing Loan Mod's, No one knows if licensing is a requirement? |
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CoolMtgGuy
2875 Posts |
Posted - 07/25/2008 : 11:45:11 AM
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You expect one answer that is valide for every State?
Tell you what ... even if some States require licenses, unlicensed will still do it.
I suggest that you contact the NY State Banking Dept and get a written answer directly from them. Somebody posted recently that Florida passed some type of law regarding loan mods. However, that does not do you any good ... right? |
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Iggy2007
68 Posts |
Posted - 08/12/2008 : 8:35:34 PM
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Actually Cool Mtg guy, I was hoping for someone to answer that was familiar with New York, since I did post state specific. In any event, I did email the banking dept and found out the information I needed......
Thanks for your response. |
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homebroker@sbcgl
2680 Posts |
Posted - 08/12/2008 : 10:37:42 PM
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| we all know the CA civil code, NY who knows? |
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mortgagemessiah
8003 Posts |
Posted - 08/13/2008 : 05:50:29 AM
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| It's because it's state specific. I believe your attorney friend is correct about NY. I have a mod copany there that contracts their audits to me and they told me the same thing. Presently, here in Florida, you don't need to be. |
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darkstar
17094 Posts |
Posted - 08/13/2008 : 06:04:30 AM
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>>> I did email the banking dept and found out the information I needed......
Please sahre! |
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