Regulation of the Mortgage Banking Industry (Follow-Up Review) In our prior audit report 97-S-66, we found that the Banking Department was generally effective in its regulation of the mortgage banking industry. However, we identified certain opportunities for improvement that would enhance the Department's regulatory effectiveness. For example, we recommended 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. In our follow-up review, we found that some progress has been made by Department officials in addressing the improvement opportunities identified by our prior report.
For a complete copy of Report 99-F-37 click here.