Mortgage Regulations Toughened; Originators Must Pass Test, Background Check

Summary

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All new loan originators the front-line personnel on mortgage deals in Wisconsin must now pass a competency test and criminal background check.

The mandate, which doesn't apply to this state's estimated 13,000 existing loan originators, kicked in Friday. It's meant to protect consumers in what Kathryn Carlson, spokeswoman for the Wisconsin Department of Financial Institutions, called "the biggest investments in their lives."

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Extract

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Mortgage Regulations Toughened; Originators Must Pass Test, Background Check

Aside from a one-time test demonstrating knowledge of finance law, new applicants will be required to take 16 hours of classes in their field every two years, Carlso...

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