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Deadline approaching for mortgage lenders to pass exam

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Mortgage lenders in Indiana have less than three weeks remaining to pass a federally mandated exam, or their licenses will be revoked.

Lenders have until July 1 to pass the test. But as of Friday, only 58 percent had done so, according to the Securities Division of the Indiana Secretary of State’s Office.

All mortgage lenders and principal managers must pass what is known as the National Component SAFE test. The test is mandated through the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.

The law does not allow for any waiver of the test. Lenders must wait 30 days after each unsuccessful attempt at taking the exam.

The Securities Division began alerting mortgage lenders in February of the upcoming deadline. The state has 1,086 licensed mortgage lenders and principal managers.

Failure to pass the test by July 1 will result in a license revocation. By Indiana law, an individual who has his or her license revoked cannot apply for another license.

Mortgage lenders have the option of surrendering their licenses to the Securities Division before July 1 to avoid revocation.

A housing crunch that led to a flood of foreclosures led federal lawmakers to pass legislation in an attempt to tighten lending standards and prevent another crisis.
 

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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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