Each state has different rules and regulations regarding who can do loan modifications and what license, if any, is required. Many states have no restrictions at all, although they will probably come up with something to regulate the industry in the next year or two. Other states have a lot of oversight, laws, and/or regulations. To further confuse matters, nearly every state is in the process of creating, changing, or adding requirements. It’s a bit hard to keep track of him, really.
It can be somewhat difficult to find the latest information for a given state. I’ve done some research on loan modification laws in Oregon and this is what I’ve found:
The Oregon Mortgage Rescue Protection Act, passed last year, somewhat restricts the loan modification process in Oregon, requiring additional disclosure, implying, but not explicitly stating, that only mortgage brokers and Lawyers can perform loan modifications. If there are any other statues covering loan modifications within Oregon, I couldn’t find them.
You can try calling the Oregon Real Estate Commission for more detailed and up-to-date information. The Commission of any state usually knows this and is often the regulatory body as well. Another resource is to call the Oregon Mortgage Broker Commission, as the mortgage broker commission in any state can also often be the regulatory body for lending arrangements. They should be able to provide accurate and detailed information on loan modification laws, supervision, and licensing.
Yet another resource is the Oregon Mortgage Lending Board of Education. Finally, you can find useful information in this link:
http://www.cbs.state.or.us/dfcs/ml/foreclosure.html#resources
