Criminal past no barrier to mortgage field

A state-wide review of mortgage loan broker license holders has revealed a number of convicted criminals as recipients, drugs dealers and gang members among them. The profession operates with minimal state oversight. The licenses give the ex-cons easy access to a client’s personal financial information, including bank account and Social Security numbers. More importantly, the licenses open the door to the mortgage market, which was awash in billions of dollars until it crashed, sparking the national economic crisis. Given the sensitive nature of the economy and a growing number of identity theft scandals, lawmakers are working to amend these licensure requirements.

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