The New Jersey Department of Banking and Insurance performed 173 examinations of mortgage licensees in 2011. According to National Mortgage News, these examinations concluded that 90 percent of the mortgage firms had some type of violation. The examinations showed a total 4,347 violations, or 25 per examination. The most common violations were deficiencies in loan documentation (accounting for 55 percent of violations) while charging impermissible fees was the second most common violation (accounting for 11 percent of violations). Apparently, this pattern is not unique to NJ. For example, according to National Mortgage News, representatives of the Maryland Department of Labor, Licensing and Regulation and the Pennsylvania Department of Banking and Securities also have stated that there are substantial problems in their states.
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