Indecomm Global Services expanded its mortgage licensing to 40 states with the addition of Arizona and Mississippi. In these states, Indecomm was granted a mortgage broker or lender license, or state exemption as a third-party support services provider.
Indecomm’s continued investment in licensing expands the company’s geographic market and positions it for continued growth and leadership in the mortgage industry.
“We now have licenses in the majority of the United States, removing a regulatory constraint to growth and enabling us to serve our clients across a broad cross-section of the mortgage industry,” said Rajan Nair, president, Financial Services Division, Indecomm Global Services. “Because of the breadth of our compliance footprint, our partners can have confidence in our ability to effect transactions across diverse jurisdictions.”
These authorizations are required to satisfy the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), within each state that Indecomm does business. Indecomm does not originate, broker, service or fund loans but it does provide processing, underwriting and origination support which causes it to be subject to the rules of the jurisdictions. This obliges Indecomm to obtain a license or an exemption in these states.
“Since the passage of the SAFE Act, many regulators have become much stricter with licensing,” said Rebecca Warfel, corporate licensing specialist, Indecomm Global Services. “Within the last few years, certain states have begun requiring processors and underwriters to have a license whereas before it was primarily originators that had to be licensed.
“Application requirements are also more stringent and may require more extensive documentation as well as stricter background checks on a wider array of individuals,” Warfel explained. “If one does not carefully research the regulations as Indecomm does, a company like Indecomm might say ‘we don’t broker, originate, or fund any loans and thus don’t need a license.’ But the states differ in how they treat business activities and often do require a broker’s license or a lending license. At Indecomm, we take this process very seriously to ensure that we are fully compliant in all our SAFE Act licensing.”
“The process is lengthy but worthwhile,” Nair said. “We anticipate more submissions in the near future as we add to our regulatory asset base.”