• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / Politics / Govt / Banking superintendent suspends licenses of mortgage brokers

Banking superintendent suspends licenses of mortgage brokers

March 17, 2009 By admin

The superintendent of the Iowa Division of Banking says his agency has revoked a number of licenses issued to individual mortgage brokers, in the wake of the foreclosure crisis.

Tom Gronstal says the division started licensing individuals in July 2006. He says there were approximately 5,000 brokers who were issuing mortgages, but not employed by a financial institution.

Gronstal says the number is down to 1,653 individuals, "so there has been a dramatic reduction in the people involved in the industry." The Iowa legislature is considering a bill to re-write the broker, borrower relationship. Iowa Assistant Attorney General Patrick Madigan says the bill would legally require a broker to put the interests of the borrower ahead of their own financial interests.

Brokers also would be required to disclose when they stand to earn a fee from using a particular type of loan. Gronstal made his remarks on the Iowa Public Radio program "The Exchange." 

Share this:

  • Facebook
  • Twitter

Filed Under: Politics / Govt

Featured Stories

Biden calls man quizzing him at town hall ‘a damn liar’

Governor ends public airing of state agency budget requests

Former Manchester hospital CEO given suspended 10-year sentence

After 70 years, southwest Iowa woman files final ‘Up a Country Lane’ column

Sioux City residents can once again own pit bulls

TwitterFacebook
Tweets by RadioIowa

Iowa State’s Campbell agrees to contract extension

Epenesa and Duncan honored by B1G

Iowa’s Nunge sidelined by knee injury

State board proposes changes for sports eligibility, creation of summer dead period

Iowa’s Epenesa honored by B1G

More Sports

eNews and Updates

Enter your email address:

Delivered by FeedBurner

Archives

Copyright © 2019 ยท Learfield News & Ag, LLC