New Indiana Law Wipes Out Half Of All State Mortgage Brokers

In Indiana, the Anderson Herald Bulletin reports:

• [A]s of noon Wednesday, 361 of Indiana’s 950 brokerages had failed to meet a Tuesday deadline for complying with a 2007 industry-backed law that requires each brokerage to name a principal broker with at least three years experience who has passed a state exam and will oversee his company’s business affairs. Another 143 brokerages have voluntarily surrendered their licenses, Indiana Secretary of State Todd Rokita said in a teleconference with reporters. That means only about half of the 950 mortgage brokers licensed by the state on July 1 remain in business five weeks later.

For more, see New state law shutters 40 percent of state mortgage companies.