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Loan Modification Laws

Every state has different rules and regulations regarding who can do loan modifications and what licensing, if any, is required। Many states don’t have any restrictions whatsoever, though they’ll probably come up with something to regulate the industry in the next year or two. Other states have a lot of oversight, laws, and/or regulations. To confuse matters even more, nearly every state is in the process of creating, changing, or adding to the requirements. It’s a bit hard to keep track of, honestly.

It can be somewhat difficult to find the latest information for any given state। I’ve done a little homework loan modification laws in Oregon, and here’s what I’ve found:

The Oregon Mortgage Rescue Protection Act, passed last year, restricts the loan modification process in Oregon somewhat, requiring additional disclosure, which implies, but does not explicitly state, that only mortgage brokers and attorneys can do loan modifications। If there are other statues covering loan mods within Oregon, I was unable to find them.

You may want to try calling the Oregon Real Estate Commission for more detailed and up-to-date info. The Commission for any state usually knows, and they're often the regulatory body too. Another resource is to call the Oregon Mortgage Broker Commission, as the mortgage broker commission for any given state can also often be the regulatory body for loan mods. They should be able to provide accurate and detailed info regarding loan mod laws, oversight, and licensing as well.

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