In the latest industry update, it has been revealed that many lenders within the mortgage industry are operating in California without their own license. Instead, these lenders are partnering with licensed real estate brokers to facilitate loans, thereby circumventing the licensing requirements in the state. This arrangement not only enables these unlicensed lenders to continue lending operations in California, but also exempts them from certain regulations imposed by the state.
Key points from the update include:
– Many lenders in the mortgage industry are not licensed to lend in California
– Lenders are partnering with licensed real estate brokers to arrange loans in the state
– This arrangement allows lenders to operate without their own license and be exempt from California regulations.
You can read this full article at: https://geracilawfirm.com/loan-modifications-in-peril-in-california/(subscription required)
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