Two state lawmakers plan to introduce bills on Monday that would require mortgage lenders in Colorado to be licensed, as well as other requirements designed to "put some teeth" into measures to help stem the foreclosure tide sweeping the state. The entire article can be read by clicking here.
I find this interesting because many PreForeclosure investors either are lenders, or partner with lenders to help people facing foreclosure save their homes.
In fact, many successful PreForeclosure investors help homeowners refinance in order to save their homes.
While I love the idea of requiring mortgage lenders to be licensed, it will be interesting to see how it affects the homeowners who are already in bad loans.
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