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A Loan Approval from Bob?

Bob's Mortgage & Hair Cutting Emporium

Have you ever gotten a loan approval letter from Bob's Mortgage and Hair Cutting Emporium? You think I am kidding, don't you. I did make that one up, but trust me some of the companies I have run across are just as crazy.

In the last couple of years it seems like every third person thinks they are a mortgage professional. In Hawaii to be a loan officer all you need is about $100. That will get you a license and a set of business cards.

Today I received a copy of the Governor's e-newsletter. She spoke this week to the mortgage brokers association and said she is pushing for licensing reform and is asking for their support and help.

She is asking for tighter licensing requirements. Hooray!!!

I will be one to testify at the legislature if that bill gets a hearing. I will also be speaking to my area legislator asking for her to support it.

In the past I have advocated tighter licensing for loan officers and real estate agents. We are talking about transactions for 100s of thousands of dollars. The public should be better protected than they are currently.

Just me 2 cents worth.

Posted by Randy L. Prothero - Hawaii REALTOR® on 05/03/2008 11:56 PM

Comments (22)

mortgage, lenders, loan officers, licensing

Originally posted at: Hawaii Randy's Real Estate Opinions: A Loan Approval from Bob?

This post has been included in Hawaii Information
Post is included in group: Realtors®
Post is included in group: Out Of The Box!
Post is included in group: Almost Anything Goes
Post is included in group: Hawaii Real Estate Professionals
Post is included in group: Mortgage, Foreclosure & Elder Abuse Housing Fraud

22 Comments on A Loan Approval from Bob?

MAY

2008

Randy, I couldn't agree with you more. We do have laws here, although they need to be stricter. We have a couple of Realtors here who are also Mortgage Brokers????

Sheri - I have written a few posts about that. I think you should not be allowed to have both licenses.

Randy, I haven't read your posts on this subject (at least not yet!), but couldn't agree with you more.

It is important to be protected! Tom Davis - DE Realtor

Licensing would get the casual person out of the business and leave the professionals. That would be an improvement.

Sheri - Thank you. This topic has been one I wrote a lot about last year.

Tom - We are supposed to be professionals and the public is not.

Robert - The public believes if you have a license you should know what you are doing. I think that should be the case.

I need to find out where you are getting business cards. Just my business cards cost $100-or do they just throw in the Mortgage License for free? LOL

go get em Randy - I actually got an email from a client telling me they had a preapproval letter prior to an acceptd offer - I tried to correct her - and she insisted that she was right.... she showed me the letter and the lender had given a preapproval letter without checking a thing.... then the deal fell apart because the buyer was not qualified

Pam - At the big box office supply stores about $25.

Thesa - It happens all the time. I have seen so many bad loan approval letters from brokers in the last couple of years. I try to get all of my buyers to go through funding lenders with full approvals. I have not gotten one bad pre-approval following those practices.

Randy,
I hope your Legislature sees the need for stricter license requirements for lenders and enacts a law soon. These people need to be well educated in their field and held accountable.

It is scary...mortgage regulation needs to be tightened for sure. I like that Bob's Mortgage and haircut Emporium...Can I use that phrase?

We had a guy once who was supposedly a LO but found out he was also the roofer who repaired a distressed property we owned. My partner thought he would qualify a buyer instead of sending them to someone reputable....the deal never went through...I wonder why.....I also have a guard at my old gate who was a Realtor(R) by the way...in Weston you need an occupational license to be a hair cutter...a landscaper...etc.

Randy - I fully agree that regulation should be tighened, consumer sure need more protection.

I want way tougher licensing for everyone Way tougher. It doesn't take a Rhodes Scholar to get a real estate license.

Randy, There needs to be tougher licensing laws for sure. Look what we just went through. It is surely too easy for someone to get into this business. Wait, I didn't mean that to sound elitist. I just want people to be properly qualified and professional.

Randy, the time for reform is way overdue. I know I am tired of dealing with the hairdresser/Lender types that give the legitimate professionals the bad name.

Cynthia - We have tried unsuccessfully in the past. I believe if we get the mortgage brokers association behind it, we can get some movement.

Gary - I use it regularly.

Neal - That is too funny. You hit on something there. To cut hair it is a tough license to get. To do mortgages there are almost no requirements here.

Lenn - I am a strong advocate for tougher licensing for everyone in our industry.

Marc - The reason our state claims they have licensing is to protect the public (not just to collect revenue). That being the case, they need to protect the public better.

Mike - That is for sure. I work with some real professional loan officers and I know they would like to see the bar raised higher also.

One would think that considering the current mortgage crisis it would be a no brainer for the legislators to figure out that more stringent licensing requirements are needed for loan officers.

Pam - Who knows ,maybe a few of them have licenses.

MAY

2008

Wow, Randy... I didn't know that. NO WONDER I have a hard time finding a good mortgage rep who knows the language and the ropes.

MAY

2008

Good loan officers are like gold. I have a very short list of top notch folks who have never let me or my clients down.

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