States Ask That Loan Modification Specialists Employed by Servicers Be Exempt from Licensing for 3 YEARS After SAFE Act Signed into Law.

The SAFE licensing act would require registration/licensing of loan modification specialists employed by loan servicers.

In a letter HERE, the organizations representing state mortgage regulatory agencies have asked the HUD Secretary agree to delay the licensing requirement for loan modification specialists employed by servicers until July 31, 2011. That's THREE YEARS after the enactment of the legislation that contains the SAFE act provisions.

I would expect that the vast bulk of loan modifications will be completed far before that date, which would effectively exclude these specialists from SAFE act licensing.

That hardly seems like a regulatory reform you can believe in , right?