Noted Foreclosure Attorney Tim McFarlin Explain New Law That Requires Background Checks For Mortgage Brokers

TheNewsFactory — Mon, 26 Jul 2010 07:05:15 +0000

IRVINE, CA (AttorneyNewswire.com) — July 26, 2010 — California mortgage brokers will have to pass criminal background checks, credit checks, and licensing exams by July 31 before being allowed to work in the state. California is one of many states that did not previously require mortgage brokers to earn individual licenses, but the move comes after record foreclosure and mortgage default rates that have been blamed on loans being issued to under qualified borrowers and borrowers who lenders knew wouldn’t be able to satisfy their payments.

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.”

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation.
The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.
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Noted Foreclosure Attorney Tim McFarlin Explain New Law That Requires Background Checks For Mortgage Brokers