News (AP) - Mortgage lenders must register in database

WASHINGTON (AP) -- Loan officers at banks will be required to provide their names and fingerprints to a national database as part of an effort to crack down on shady operators who fed the real estate bubble.

The new requirements were mandated by a bill passed by Congress two years ago. Federal bank regulators approved them on Wednesday.

The rules apply to employees of banks regulated on the federal and state levels. Mortgage brokers are already required to be licensed by the system.

The registry is expected to start accepting new applications by the end of January. Once registrations start, banks will have 180 days to comply.

Published: Fri, Jul 30, 2010