Approximately 40% of Indiana's mortgage brokerages have lost their licenses for failing to comply with a new state law requiring each to name a principal broker to oversee business, according to an AP report. August 6 was the deadline for compliance.
A total of 361 brokerages had failed to meet the deadline, and another 143 firms voluntarily surrendered their licenses, Indiana Secretary of State Todd Rokita said. The numbers of license forfeitures and revocations, however, are subject to change over the next several days as paperwork in transit arrives at the secretary of state's office.
Source: AP