Top 10 Real Estate Predictions for 2011

Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 a couple of years ago. It affected certain mortgage brokers as of July 31, 2010, but by January 1, 2011, all mortgage brokers are subjected to its guidelines. This could dramatically limit the number of mortgage brokers operating throughout the country.

Apart from the four-figure fees to comply, mortgage brokers must pass a state and national test, take 20 hours of education, complete a criminal background check and a credit check. Critics complain that bankers aren't subject to the same law. All the same, mortgage brokers are hit by the downturn as well and many can't afford to or won't comply.

It's probably a good thing for consumers to have access to the Nationwide Mortgage Licensing System and Registry. If we had this system in place before the mortgage meltdown, the fallout from that travesty might have been reduced.

_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}