Months ago I had approached the program directors at the Real Estate Investor Associations and a couple of Real Estate Investor clubs I frequently visit to ask them to add as a speaker one of the state's mortage licensing representatives to speak on the requirements to legally lend on residential properties. The response was, "no thanks, that would just bore the daylights out of our group," and a few thought it just wasn't relevent enough for their attendees. No, they would rather have a series of self-proclaimed "gurus" pitch their boot camps, mentoring systems and DVD's for thousands of dollars. One even went on to say that they don't agree with the licensing laws and if a few laws are broken to move property then so be it. Yes, they are spreading that message, I'm not kidding!
Would you rather hear from the actual state about rules and regulations that affect your business or salesmen that might give you outdated information that puts you in the cross-hairs of regulators?
More frustrating is the discussions I've had with unlicensed private individual lenders. I've been a licensed mortgage lender and broker for 26 years so I can speak from experience about licensing requirements and I worked very hard to become licensed and maintain my license, we all have! If you're a licensed real estate agent or any other professional required to be licensed how would you feel about your competition not being licensed and not following requirement you must follow, a bit unfair, right? More often than not my warnings fall on deaf ears or worse I'm told by these that they believe the state doesn't have time to go after small time individuals. Just waiting for someone to get a visit from regulators.
Metro Mortgage Investments