More Than 600 Mortgage Broker Companies Could Lose Their Licenses
from Headlines - Inside INdiana Business with Gerry Dick
A majority of Indiana's mortgage brokers are on the verge of not being able to do business in the state. Secretary of State Todd Rokita says many have failed to comply with a phase-in period of a 2007 law calling on each licensed mortgage office to employ a principal manager to supervise business affairs. Rokita says despite a July 1 deadline, roughly 70 percent of Indiana's licensed mortgage brokers are operated by leaders who have not even tried to take the state's Principal Manager Assessment. More than 600 companies are being notified their licenses will be revoked on August 5 if a properly credentialed principal manager is not in place.
First Financial Trust won't.