If you are working in an attorney backed model in your loan modification business it is important that the attorney be licensed in the state where the borrower’s property is located. Attorneys are not exempt from loan mod rules in all 50 states!
In Maryland, persons engaging in loan modification business services need to obtain a license to be in such business. Also, such businesses need to also be aware of the Protection of Homeowners in Foreclosure Act (PHIFA). The license that is needed in Maryland to run a loan modification business is a Maryland Credit Services Business […]
If you are doing loan modifications in multiple states, you need to be aware of a few important rules. First, you may be required to get a license. In some cases, this will be a mortgage broker or lenders license. In other cases, the license could be a debt adjuster’s license (New Jersey for example). […]