I read an article today on the Mortgage Fraud Blog by Rachel Dollar, which detailed how the state of Florida is clamping down on mortgage broker applications in the state - read the whole article here > http://ht.ly/1Zdw1

The article stated:

Beginning October 1, 2010, Florida will begin participation in the Nationwide Mortgage Licensing System, and all existing loan originators, brokers and lenders and mortgage business owners will be required to reapply for licensure. December 31, 2010, is the last day to apply for licensure.

and later on......

Additionally, licensees will now be required to renew their licenses on a yearly basis to include resubmitting to state and federal criminal backgrounds checks and a credit report. The Office will not renew a license if the applicant does not continue to meet the same standards required at initial licensure. Prior to this, mortgage brokers, businesses and lenders were only required to submit to a state criminal background check during initial licensure and were allowed to renew every two years without a subsequent background check.

I remember when the HVCC was first implemented - or looming on the horizon - and many of my mortgage broker clients were really upset about the coming changes and how it would impact their business. 

I spoke to another appraiser friend of mine in the area and asked her, "have you even had ANY appraisal orders from a mortgage broker in the last year?"   Her answer was the same as mine....none. 

I guess I was assuming that all mortgage brokers were getting sucked into the AMC ordering mechanism as well. 

So how about you appraisers out there?   Do YOU get any orders directly from a mortgage broker any more? 

How about you mortgage brokers out there - how has the HVCC and the lack of direct contact with appraisers effected your business?  And now - more regulation from the state?

I think the regulations are good.  Much like with the appraisal industry, perhaps it will weed the supply down to those truly committed to the profession and not just committed to the income potential. 

Perhaps in the end, we won't have any more 'bad apples' spoiling the bunch?    Naaahhh - that would be too naive to envision!