Three out of ten loan officers are FAILING the national and state tests. So, now what? The banks are NOT requiring testing, at least as of this point in time. So, the failing loan officers are either 1) leaving the business 2) transferring over to banks. That is correct: Banks do NOT require testing. Just registration.
What is it about these tests that make 3 out 10 fail? I offer the following:
•1) 75 is passing: which university in the world makes 75 a passing score? Is this fair to the industry? Or are the "powers to be" in the mortgage industry trying to scale down the numbers of brokers?
•2) Many trick questions
•3) Knowledge of the laws: loan officers know how to originate, but have a lack of knowledge on the laws
•4) Feeling overconfident. Many have been in the business for years. They think: "this will be easy", but it is only easy if one studies.
So, where does all this leave us? The mortgage brokers are being blamed for the bulk of the mortgage mess. Now the broker will be viewed as the educated loan officer. Tables are turning.
Who would you rather do business with now? The mortgage broker or the banker?
Ann Sabbagh
Vice-President
Seacoast Mortgage Corporation
401-305-6906 or 508-243-1190
Residential & Commercial Financing
MLO10920
"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."
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