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Hundreds of mortgage brokers could lose licenses

By Peter Neumann

Hundreds of mortgage brokers could lose licenses

June 18, 2010 Updated Jul 25, 2008 at 2:30 PM EST INDIANAPOLIS (AP) - Most Indiana mortgage brokers still haven't passed a state-required test since Secretary of State Todd Rokita warned earlier this month that they'd need the test by August 5th to stay in business.

Just 83 people have passed the exam since Rokita's warning on July 7th. More than 500 brokers are still on track to lose their licenses.
Twenty-six brokers have voluntarily surrendered their licenses since July 7th. That could help them go back into the business in the future since they will not have had their licenses revoked.

A spokesman for the Secretary of State says they don't plan to take any action against brokers not meeting the requirements until after August 5th.

For more information, click here for details.

(Copyright 2008 by The Associated Press. All Rights Reserved.)



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