While regulations continue to tighten in some states, others lack the necessary restrictions that would keep out people who are likely to commit crimes in the mortgage industry. Currently Colorado and Alaska are the two remaining lacking industry standards and regulation regarding who can and cannot call themselves a mortgage broker, loan officer, loan originator, etc. Mortgage brokers and loan originators have access to your personal financial information.

These facts should not only make those in the mortgage industry think about writing to their legislators, but homeowners and buyers alike should be alarmed in those states. Chances are, there are more than just a few felons in financial positions that shouldn't be, and stiffer regulations would weed them out, and prevent the likelyhood of fraudulent activity in the business.

7NEWS caught one of them in the act, a four time convicted financial felon, calling himself a mortgage broker in Colorado - Wayne Martin. 7NEWS not only uncovered one of these convicted felons in the mortgage biz, but caught him on tape lying about a few issues. He claimed that he and his company did 400 loans last year, 225 of which he claimed were done by him. When later confronted with the issue he corrected himself saying it was actually around 50. He also said that he has no criminal record, and when asked the second time, said he couldn't recall what his earlier answer had been. While all four of his convictions were prior to his business in mortgage origination, his crimes were financial in nature. Thanks for the story 7NEWS, we need this type of behavior to be brought to the public so that personal and private information can only be accessed by those who are least likely to commit crimes with the information. The more we all know about the matter, the better able we are to create solutions.