LO's (loan originators) in Washington state who work for a Mortgage Broker must have 8 hours of yearly continuing education. This year most of them have to take Mortgage Ethics, a class our school is offering on Nov 10 in Puyallup.
It is encouraging to see the way the LO's have embraced the "step up" in the requirements in our state including back ground checks, fingerprints, education and exams and the continuing education requirement.
It is a pity that the SAFE ACT exempts the banks, S & L's, etc, from the continuing education and exam requirements. It is the banks theory that they have in-house training so they don't need to have the CE and exam requirements.
So why did the banks have to get bailed out if they have all the answers?
At least all LO's will all be required to be in a national data base and have fingerprints on file. Hopefully that will get rid of some of the bad apples.