URGENT ACTION
Mortgage Broker QC Policy Manual
Required for Licensing

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According to a news release by the Conference of State Bank Supervisors The beginning of 2008 will have at least 31 states committed to a Nationwide Mortgage Licensing System by 2009.

Currently 10 states are using the Uniform Mortgage Licensing Forms (MU Forms) in paper format.

According to Conference of State Bank Supervisors' reports, "The System will begin operations on January 2, 2008 with about four to six state agencies participating in the system.  Additional states will transition onto the System on a quarterly basis during 2008 and 2009.  Each state will announce its participation date and communicate with licensees in advance of its participation onto the System."

According to our information, most of the states participating currently in the system, require the broker applicant to have a written quality control plan for license approval. 

Many, think a written QC policy will be mandatory nationwide soon, but almost all investors, state licensing agencies are expecting to see them in the inspection process if not sooner. 
 

Arizona

California

Florida

Georgia

Illinois

Massachusetts

New York

Ohio

Oregon

Texas

Utah

Virginia

Washington

Agencies Requiring Qualify Control Policy Manual and Procedures

FHA

FNMA

FHLMC

VA

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