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Loan Officers Need an Education
We all know that the lending industry is going through major changes.  The Federal government has stepped up and determined that states either have minimum licensing laws or create them for mortgage brokers.  If they don't, the Feds will step in for them.   This is known as the SAFE Mortgage License ACT.
The SAFE Act does several things as far as tightening up mortgage brokers and their interaction with the public.  In Hawaii this badly needed proposed licensing requirement for mortgage brokers includes education, testing and continuing education.  These requirements are already in place for real estate and insurance agents.  It looks like a step in the right direction.
Here is where the net still has a hole.  The SAFE ACT creates a series of stuff for employees of banks and credit unions.  It also exempts them from the state licensing requirements.
This is the part of my post that will anger a few loan officers at the banks and credit unions.  I completely disagree with exempting them for state licensing requirements period!  State licensing requirements could do a couple of things that the SAFE Act won't.
There is pre-licensing course and pre-license test. All loan originators would be regulated by ... more

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