The Nationwide Mortgage Licencing System (NMLS) is currently trying to determine whether mortgage institutions should be audited annually or quarterly in the look out for fraud. While it is a good idea to be looking for accountability, it seems as though these small institutions are being held to a different standard compared to larger institutions such as the Federal Reserve.
It is being debated that one time audits are not enough for these Ma and Pa mortgage shops, while congress just passed an amendment to the Senate Financial Reform Bill that will allow Federal Reserve to be audited only once.
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CMG Home Loans - Toms River, NJ
The NMLS in general seems to be pointed more at the little guy and not at the big guys. even taking the federal reserve out of the mix, the oversight of the big banks mortgage companies is MUCH different than it is for mortgage bankers and Mortgage brokers that are not tied to a bank.
May 13, 2010 06:29 AM
National Realty - McLean, VA
Arji, that is truly amazing! I'm from the Government and I'm here to help.
May 13, 2010 06:41 AM
Rainer
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Arji Rashidi
Arji Rashidi
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