For Immediate Release: January 9, 2008
Minnesota Department of Commerce Hires Mitchell to Head Newly Created Examination Unit For Mortgage Companies
New law permits the Department of Commerce to periodically audit mortgage companies.
(St. Paul. MN…) The Minnesota Department of Commerce announced today that H. Dan Mitchell has been named Director, Mortgage Examinations to fill a position created by the 2007 legislature. Mr. Mitchell will report to William Horlitz, Assistant Commissioner of the Financial Examinations Division.
A new law passed in the 2007 legislative session authorized the Department of Commerce to periodically examine Minnesota's licensed residential mortgage companies and charge them for the examinations, similar to the examinations regularly conducted in the banking and insurance fields. Mr. Mitchell will direct and supervise these examinations for the Department of Commerce.
Mr. Mitchell, a past chairman of the Minnesota Association of Mortgage Brokers has been associated with the residential mortgage industry since the 1990's and has extensive background in conducting anti-fraud and regulatory compliance training through the association to the financial and mortgage industry.
A resident of Cottage Grove, Mitchell is a graduate of Metropolitan State University with a degree in Public Administration and holds a Master of Science Degree in Management from Cardinal Stritch College. He is a former law enforcement officer and investigator with the Cottage Grove Police Department.
"This new responsibility for examining mortgage companies fits perfectly with our consumer protection focus and we are anxious to begin the process immediately," said Glenn Wilson, Commissioner of the Minnesota Department of Commerce. "Dan Mitchell has the skill, knowledge and experience required to keep Minnesota's mortgage industry in compliance."
The new mortgage regulation legislation also requires each mortgage licensee to be a Minnesota corporation or other business entity and meet minimum net worth or bond requirements, makes mortgage fraud a specific crime in Minnesota law, requires mortgage companies to maintain a perpetual roster of loan officers and requires all loan officers to take 15 hours of educational training.
In addition to licensed mortgage companies, the Department of Commerce also regulates state chartered banks, credit unions, thrift companies, finance companies, insurance, securities, real estate and other industries in Minnesota.