Monday, December 3, 2007

2008 MARKET FORECAST - MORTGAGE REFORM

Colorado real estate commissioner Erin Toll has aggressively tackled the issue of mortgage and appraisal fraud. In 2007, Colorado has moved to a mortgage broker registration program, and for 2008, a full licensing program is in place. Although it’s hard to track exact numbers (because there was no way to count how many people were actually doing loans in an unregulated system), estimates are that the number of brokers doing loans in Colorado has fallen by as much as 50% since 2006.