Arizona Media insider Catherine Reagor at The Arizona Republic recently wrote an article claiming the mortgage industry has been deceiving the average consumer.  Blame has been placed on loan officers for being unlicensed, collecting higher fees and forcing consumers into the worst loan products possible.  So I guess until our industry is fully licensed next year, no one will be able to get a "fair mortgage."  The problem with this information is the mortgage professionals left in our industry today are the ones that played by the rules to begin with.  Now we have to face the music for the flaws of others who were looking at the mighty dollar and not what was best for their customers. 

When mortgage professionals are required to have a license, I see two types of mortgage originators surviving this market.  Type 1 is going to work for a big bank and you will have to call a 1-800 number to get your loan.  You will probably talk with 2-5 people throughout the process, but can feel confident that you will get the product you seek based on the company's reputation.  Type 2 is a category I feel that I fit well into; a loan officer with a reputation of providing exceptional mortgage advice on a local level.  This means being involved personally with the customer and mortgage transaction from the beginning to the very end.  I also see a huge gap level surfacing between the folks that know how to do a mortgage loan correctly, and someone who is going to make mistakes.

At the end of the day, consumers will still buy homes and homeowners will need a mortgage.  You will need a mortgage lender to provide this service.  A piece of paper saying I can pass a test does not make me a reputable loan officer; having a reputation that is backed up from prior clients and business partners does.