“Loan Mods” (loan modification services) are an area that is not well regulated by the DRE (Department of Real Estate).  There is pending legislation in front of the California legislature to tighten up these processes, and regulate those who are collecting upfront fees.

As you research your Loan Modification service provider - in this rapidly changing industry - it's important for the general public to know who has been approved to perform these services.

This site: Approved Companies Contains a list individual and corporate real estate brokers have submitted Advance Fee Agreements for Loan Modification and/or similar services to the Department of Real Estate for review and have received "no objection" letters regarding their use.

Our parent company for Loan Modification services is on this DRE approved list.  You will see our affiliate noted in this group.

This site: Illegal Companies Contains just the opposite.  THESE ARE THE COMPANIES AND PEOPLE WHO HAVE BEEN CAUGHT SO FAR for taking client's money and not delivering to commitment.

As noted directly from the California DRE (Department of Real Estate's) web site: 

"The following persons and entities have been served with a Desist and Refrain Order and/or Accusation by the Department of Real Estate resulting from a loan modification and/or foreclosure rescue transaction. In some instances, the person or entity has been ordered to stop providing loan modification and/or foreclosure rescue services because the person or entity is not licensed by the Department of Real Estate. In other instances, the person or entity has been ordered to stop collecting advance fees. Before considering engaging the services of any of the persons or entities listed below, it would be prudent to inquire about the disposition of the action that has been filed against the respondent. Further information regarding any administrative action may be obtained through the Sacramento Office at (916) 227-0906."

What is Next as the Regulations Tighten Up?

A third list of companies is being compiled by the DRE. 

Those are the companies who are using the approved DRE contracts and who have passed audits of actual Loan Modification RESULTS. 

We expect to see that list published in the late Summer / early Fall of 2009.  Having serviced nearly a THOUSAND loan modification clients, and passed those evolving DRE audit requirements - Our partner company is already on that new list!

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