Mr. David Gaffney Jr.

Mr David Gaffney Jr General Counsel

As explained by David Gaffney , General Counsel of Equitable Mortgage Corp. of Columbia and EMMCO The Mortgage Service Station , Inc. , in-state offices are no longer necessary.Few borrowers drive to their lender's office to obtain loans.Instead , borrowers see lenders on television , or learn about lenders through direct mail or telemarketing.Most applications today are taken and processed over the telephone..Furthermore , as expected , many larger lenders feel that in-state office requirements limits competition.

State regulators have responded to this split of opinion in the same manner.