Hello all: In Washington State all loan originators were requred to be licensed as of the first of the year. We also have to pass a test by the end of the year in order to keep our license. I think this is a good thing. First and foremost, the conversations I had with the professionals I work with (mostly reators) indicated they thought it was a good thing.
Secondly, I believe it will help you. Theoretically, a person who has to get a license is more committed to the business. What goes with this is a focus on you, our customer, as this is the only way to make it in the long run. A mortgage person who isn't licensed is not subject to any regulations and could operate their business any way they choose. We should be an ethical lot; I believe licensing helps. That's not to say there aren't unscrupulous operators in our business. I find that unfortunate and hope it doesn't happen to you. If you're interested in avoiding this, I just posted a blog about shopping around for the best loan officer here on Active Rain. This might help.
Finally, I'm always curious about how many of my mortgage cohorts who are members of ActiveRain are licensed. Also, if you think it's important. Have a great day!
Paul
Arizona is still the wild, wild west! The law requires zero educational requirement, zero oversight at any governmental level, and zero tracking of loan officer fraud. 
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