Mortgage brokers tested on proficiency; Rumsfelds buy 940-acre ranch in Montana

The New York Times

In recent months, loan officers around the country have begun taking federally mandated licensing exams, which many consider beneficial for borrowers in the long run.

According to the Conference of State Banking Supervisors, which oversees the testing, 31 percent of the 10,000 people who took the national test from July 30 to Nov. 30 failed, and about 27 percent did not pass the state-specific component.

The exam is not required of everyone — only those who work for mortgage brokerages and lenders like Quicken Loans or Primerica. Employees of such conventional banks as Bank of America and Chase need only register with the National Mortgage Licensing System, which is administered by the state banking supervisors.

The exams are largely a response to the mortgage-industry collapse, which according to some critics was a result of poorly qualified and unregulated loan officers' providing loans to borrowers who had little chance of paying them off.

Rumsfelds buy 940-acre ranch in Montana

The Associated Press

Former U.S. Defense Secretary Donald Rumsfeld and his wife have purchased a 940-acre ranch on the Big Hole River in Montana's Madison County, his spokesman confirmed recently. "Mrs. [Joyce] Rumsfeld was born in Montana, she has relatives in the state and the Rumsfelds have always thought very well of the state," spokesman Keith Urbahn told The Montana Standard. "They plan to spend some time out there to enjoy it."

The property includes hayfields, wetlands and river frontage. "He enjoys outdoor sports, and I'm sure they'll get out there on the river from time to time and fish it," Urbahn said.

Rumsfeld, 77, served four terms in Congress from Illinois in 1963-69, was a member of President Nixon's cabinet and served as defense secretary during the Ford Administration. He was also defense secretary for President George W. Bush for six years, overseeing the military invasions of Afghanistan and Iraq.