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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. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

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