360 loan brokers no longer licensed

State keeps promise to enforce deadline INDIANAPOLIS – Indiana Secretary of State Todd Rokita has revoked the license of about 360 loan brokers who failed to meet new requirements, including paying a fee and passing an exam. But confusion over the list maintained on the secretary of state’s Web site of the brokers who are not in compliance has some local brokers crying foul. The subprime mortgage crisis has shed light on mortgage brokers, and Indiana legislators passed a law in 2007 requiring each licensed mortgage office doing business in the state to employ a principal manager to supervise the business affairs of the office and staff. That principal manager must have three years’ experience in the industry and pass a test that is based on Indiana law and industry best practices. But when the July 1 effective date passed,... [read full story]