Happy New Year Rico - we've been campaigning for this for YEARS. It's not the first time it has been brought up but these are unique circumstances and unique times. It stands a better chance of getting some really powerful support than any time in the past. It will help some, hurt others and --depending on the costs and requirements-- eliminate a few.

Sounds similar to what the government tried to accomplish with the appraisers through FIRREA after the savings and loan fiasco.  It'll be interesting to see whether is has any real affects on the mortgage industry.

I think the optimism in us says that as we move further an further along, more States will embrace the change. Either way, my advice to all remains the same: 

"As much as possible, deal only with good and honorable people. If you deal with good people, you won't need a contract, and if you are dealing with bad people, no contract can protect you." 
Adam M. Aron
Chairman and CEO of Vail Resorts, Inc.

I'd like to think that I'm one of the good and honorable people.  

Ricardo, thanks for the update on this.  I love the quote by Adam Aron, he's 100% correct.

I've been reading up on this. This is a good thing. I've known some people that couldn't do loans in Oregon because of some "mistakes" they made but were able to still live in Oregon and work for companies out of state. I hope this changes that and can help clean up a little bit.

It is a very good thing.  Hopefully it will also include those who work for mortgage banks and not just brokers the way NY has put theirs together.

I agree with the consensus that this is a good thing. A natural corrective process is taking place right now with market conditions being what they are. The concept of uniformity and transparency is one that needs to come to the forefront. Thanks for posting on this!

Hi Kris: Nice to see you! I couldn't agree more with Adam either :)

Rick & Don: Happy New Year! We'll have to wait and see how this progresses in 2008. 

Karen:  you said,

Natural corrective process is taking place right now with market conditions being what they are. -- Karen Cooper

Given that we haven't experienced a market like this...the optimism in all of us says we'll see more cooperation moving forward. But the costs of such a program are certainly pushing people out. 

Ricardo, I think this is a great idea. I have been fortunate to have met many very qualified and ethical mortgage professionals. However, I have also dealt with a number of people with little or no training that did not know how to best serve their clients. Of course this is also true in the appraisal profession as well as in Real Estate sales. The fact that appraisers and Realtors have national and state guidelines has helped those professions. A National Mortgage Licensing System will help the on-going improvement to the whole Real Estate community.