As of this week a lot of mortgage brokers are out of business or at least should not be operating in the state of Indiana. The brokers were given a year to comply with a 2007 law to name a principle broker, a lot like our Real Estate brethren, and have that person pass a state exam. In NW Indiana, more than 75 failed to comply.
I will tell you that some have gone on to become a banker or just decided that they were done with it all. If you feel that you are working with someone that is not current you can go to www.in.gov/sos for a complete list of those mortgage brokers who are not licensed.
I am not on the list
Dave Woodson
Dave is a Mortgage and Real Estate Blogger referring 100% of my business to a local mortgage company serving all of Indiana with a focus on First-time home buyers and the Move-Up Buyer.
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