Ken, I couldn't agree more. It's amazing isn't it? The biggest and most active proponent for Loan Officer licensing is the National Association of Mortgage Brokers, yet we have to drag the individual states (kicking and screaming) to the party! Stunning...
WA State just this year managed to get everything passed. It took a while. I spoke with the head of DFI for Washington shortly after everything was approved and he admitted openly that DFI was against the change. His reasoning? They didn't want to be the policemen.
Here is the link to the article in the Arizona Republic.
http://www.azcentral.com/arizonarepublic/business/articles/0401catherine0401.html
Ken thanks for the link, look what else I found about a possible lifetime license!
I agree with you 100% the industry is over-flooded with LO's who have no clue! This is changing now with the recent changes in the market. Those same people cannot survive in a normal market, especially with all lenders tightening up, and alot of them closing their doors. I believe we will see alot of the same unqualified LO's eventually leave the industry. I was all for the License!
Take care,
Jake
I couldn't agree more! Plain and Simple. There is no individual accountability on Loan officers. If they get fired for unethical practices they just go to another company and continue doing what they did before until they get caught again. I've seen this so much and it's very scary. I have very few loan officers that I recommend because I'm so suspicious. My first job is to do right by my client. If I refer them to someone unethical it puts me in the same light and I'm not willing to risk my credibility for someone else's greed.
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