KLAS-TV Channel 8 News Las VegasLoan Modification Groups to Cease Operation if Requirements not Met
The State of Nevada has ruled that every single loan modification consultant in Nevada will have to stop operations on Thursday if they don't meet new requirements.
This stems from a law passed in May, which created new regulations for loan modifiers. Before that, anyone could call himself or herself a modifier. That led to a lot of fraud.
The state says of the 50 companies that applied for the licensing, none were able to secure bonds to help them keep operating. That means all of those modifications will be on hold until the companies follow proper procedure.
