NEVADA DEPARTMENT OF Business and Industry Director Mendy Elliott today [September 4, 2007] announced the appointment of Joseph Waltuch as Nevada's new mortgage lending commissioner. Waltuch replaces former Commissioner Scott Bice, who resigned to enter private business this summer.

"Joe Waltuch has extensive experience in the mortgage lending industry and in the legislative process," said Elliott. "He knows the business and he knows the law, and he has built a solid reputation as an honest, rational manager. He is the ideal person to oversee Nevada's Mortgage Lending Division during these ever-changing times."

The Mortgage Lending Division (MLD) of Nevada's Department of Business and Industry is charged with the licensing of mortgage bankers, mortgage brokers and escrow agencies as well as with the enforcement of state regulations pertaining to these industries. Many mortgage lenders and brokers are subject to federal licensing and federal regulation, and the MLD does not regulate businesses which fall under federal jurisdiction.

For nearly three decades, Joseph Waltuch has served in key leadership positions, including vice president and assistant general counsel for companies involved in the mortgage lending business. He has also served as senior attorney for the Federal Deposit Insurance Corporation (FDIC), which regulates banks and insures their depositors' accounts. His legislative experience dates back to 1973, when he drafted legislation for California's Legislative Counsel Bureau. He earned his Juris Doctor degree from the University of California Hastings College of the Law and his MBA in real estate from National University in San Diego.

"It is an honor to be chosen as mortgage lending commissioner, and I look forward to relocating to Nevada. It is a crucial position as we work to protect Nevadans in the rapidly changing world of mortgage lending," said Waltuch.

Waltuch begins his new job tomorrow. He will be based in Las Vegas.