Mortgage Brokers

Mortgage Brokers

Story Published: Jul 8, 2008 at 2:12 PM EDT

Story Updated: Jul 8, 2008 at 3:19 PM EDT

By Ryan Elijah

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FORT WAYNE, Ind. (Indiana's NewsCenter) - The clock is ticking for mortgage brokers in Indiana. This final notice was sent by secretary of state Todd Rokita. In it Rokita says two-thirds of Indiana mortgage companies will have their licenses revoked if they haven't completed new testing requirements by 4 weeks from today

The deadine is in response to a 2007 law passed by the general assembly. Mortgage brokers are required to have on staff at least one principal manager who has passed the testing.

The new requirement will provide a layer of protection for consumers and many in the mortgage field say the changes are needed in their changing industry.

More than 70 percent of Indiana’s licensed mortgage brokers are being operated by leaders who haven't even attempted to take the principal manager assessment.

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