“Being Licensed to do Mortgages in 8 States”
Nice job keeping up the training Joe, I admire your patience in keeping up with that many regulations. If only the public knew how much they were really paying for all those regulators who are "protecting" them.
“Being Licensed to do Mortgages in 8 States”
I am fortunate to do business in 8 states, it allows me to service clients all over the country. Each state has their own specific rules and in many cases different forms for the application process.
Each state has time required for continuing education and by the time I am on 4-8 state, it is sometimes easy to mix stuff up. There is lots of similar information, but it seems like we don’t get asked those questions for the exams. I just finished my last state Christmas day. I averaged a 92% for all the courses. A 96 was the highest score and an 84 was the lowest.
Each state has their audit process, some we need to copy certain files that they request, either we scan or overnight them or 2-3 auditors come to the other and spend between 3-6 days. Their time, lodging and food is on our dime. In 2014 between licensing, continuing education and auditing, we will have spent $28,000 and now we add the cost of a full time compliance officer.
There are so many unnecessary rules and regulations as a result of Dodd-Frank that was put in place to protect the consumer, that just ends up costing them higher costs and rates.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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