Banking Department

Regulation of the Mortgage Banking Industry

We found that, in general, the Department is effectively regulating the mortgage banking industry. However, we identified several opportunities for improvement that would enhance the Department's regulatory effectiveness. For example, we recommend that the Department consider requiring licensed mortgage bankers and registered mortgage brokers to pass a qualifying examination and fulfill continuing education requirements, as is done in other states.

For a complete copy of Report 97-S-66 click here.
For a copy of the associated follow-up report click here.
For a copy of the 90-day response click here.