High Florida Foreclosure Homes Rate: Blame Easy Licensing Requirements

The dramatic increase in Florida foreclosures rate over the last year has made the Florida Association of Mortgage Brokers worried. The organization believes that the licensing requirements for mortgage brokers are not difficult enough. With the thousands of Florida foreclosure homes in the market, these mortgage brokers have played a major role in the current market condition.

The housing boom experienced by the market from 2001 to 2006 saw a rise in the number of mortgage brokers. During those times, getting a broker’s license will only require a person to complete classroom education, get a 70 percent score on the state licensing exam and also pay the $200 licensing fee. These requirements do not make it hard for aggressive players to become a member of the industry. As many people know by now, the soaring foreclosures rate is being blamed to many predatory lending practices that allowed borrowers with poor credit rating to purchase real estate properties through mortgage loans that are beyond their paying capabilities.

In October, a new law will be implemented and it will require aspiring Florida brokers to have completed secondary education, at the least, as well as be able to discuss adjustable rate mortgages in depth. This way, borrowers can make informed decisions and avoid losing their home to foreclosure. These borrowers should also trust only experienced brokers like Foreclosure Connections in order to avoid becoming victims of unscrupulous brokers and lenders.

Florida currently has the 5th highest foreclosures rate nationwide. This is based on the 102, 213 foreclosure filing recorded for the first six months of 2007. Across the country, there are approximately 925,986 filings to date and experts are expecting an additional one million until the end of the year, especially with many adjustable rate mortgages resetting until December. The growth in the number of Florida foreclosure homes is expected to slow down as stricter lending guidelines will also be imposed.

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This entry was posted on Friday, August 10th, 2007 at 12:58 pm and is filed under tax foreclosure properties Florida. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. More Resources:
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