In the latest developments in the mortgage industry, it has been revealed that many lenders are operating in California without the necessary license, relying instead on licensed real estate brokers to facilitate loans. This loophole enables these lenders to offer loans in the state without holding their own license, creating a potential regulatory issue.
Key points from the text include:
– Many lenders in the mortgage industry are not licensed to lend in California
– They rely on licensed real estate brokers to arrange loans
– This arrangement allows unlicensed lenders to operate in California without their own license
– The practice raises concerns about regulatory compliance and oversight in the mortgage industry in the state.
You can read this full article at: https://geracilawfirm.com/loan-modifications-in-peril-in-california/(subscription required)
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