Indecomm Global Services has announced that it has expanded its mortgage licensing to 40 states with the addition of Arizona and Mississippi. In these states Indecomm has been 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 of the financial services division of 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.”