There is no official count on just how many of these illegal firms are out there. The Attorney General’s Office said it usually only investigates a company if it notices deceptive advertising or if a consumer has filed a complaint.
But regulators have noticed trends. Some mortgage mediators, for example, are just former mortgage brokers who switched over after they spotted a more lucrative opportunity, Savage said.
“Once the banks stopped lending in the face of the financial meltdown these people put on a different hat,” he said.
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The whole industry needs to held to the same standards. The client contracts the amount of work done to be paid, and everything else needs to be standardized.