Virginia changes mortgage regulations to fight fraud

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Virginia is using a national network to register and license mortgage loan originators in an effort to reduce mortgage fraud.

In August, Virginia will join the Nationwide Mortgage Licensing System. By July 1, 2010, all loan originators will be required to register with the Nationwide Mortgage Licensing System. The State Corporation Commission’s Bureau of Financial Institutions will use the registry to issue licenses.

The move is part of a federal mandate. Congress passed a law last summer requiring states to crackdown on mortgage fraud. (Richmond Times-Dispatch)

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