By January 1, all states will follow suit after federal law is enacted that will require some sort of standard licensing requirements for all brokers in the U.S. Part of the law will assign unique identification numbers to each broker in order to track their history of lending.
Irvine based foreclosure attorney Timothy McFarlin appreciates the effort by the government, but admits that it may have come too little too late.
“These laws are a great idea, but they don’t do much to address the current issue. Millions of homeowners are kicked out of their homes on a regular basis and millions more are quickly approaching foreclosure at this very moment. The law is only a few days from taking effect in California and a few months from taking effect nationwide, but that does little for the borrowers who have already been made the victims of predatory lenders and brokers.”
McFarlin admits that he is skeptical about the new law because, “Every time a new law is put on the books, some crook gets right to work trying to figure out a way to work around it.”
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