Role Of Licensed Loan Modification Consultants In Nevada Mandatory Foreclosure Mediations An Unanswered Question

In Las Vegas, Nevada, the Las Vegas Review Journal reports:

• Permanent regulations that require licenses for home mortgage modification and foreclosure consultants are expected to become effective [this week], but one important question remains unanswered. Can these licensed consultants represent clients in mediation sessions with mortgage lenders?

For more, see License rules leave questions (Whether consultants can represent clients in mortgage mediation unclear).

In a related story, see Las Vegas Sun: Agency gets authority to set fines for bilked homeowners (Nevada commissioner of mortgage lending adopted rules Tuesday giving his agency authority to license loan modification & foreclosure consultants and to take disciplinary action, including fines up to $10,000 for violations):

• These companies or agents must place the up-front money collected from the homeowner in a trust account and can draw down only when they deliver a service. Education requirements are in place that those in the business must get anywhere from 15 hours to 25 hours of instruction. Bonds must be posted with the lowest amount at $75,000.