July 2008 Mortgage Licensing Update

States are finally starting to finish off their attempts to legislate the housing problem. There are still many proposed foreclosure rescue plans in the state and federal legislatures, but most state licensing bills have been either passed or voted against. There is still some talk of a federal licensing requirement for mortgage companies if the state has not complied with the federal governments minimum requirements. There is also a lot of discussion about FHA Reform, which could affect FHA Licensing, and RESPA and GSE Reform. Be ready for some major changes. Their still appears to be more to happen before the end of this congressional session.