Florida's Office of Financial Regulation has received 4,600 applications for mortgage broker licenses since July, which is more than double the amount received for all of previous fiscal year.
The Palm Beach Post reports that the majority of applications are related to a new state law that updates licensing requirements for home loan professionals, including those involved in foreclosure rescue activities. The Office of Financial Regulation estimates about 685 loan modification companies are currently operating in the Sunshine State.
Beginning on Dec. 31, anyone providing loan modification services in Florida needs to be a licensed mortgage broker. Achieving a license requires a $240 fee, the passing of a state test, and a clean criminal record.
SOURCE: Palm Beach Post