TRUE NATIONAL STANDARDS?

By
Mortgage and Lending with American Sterling Bank

There is an article today at thestreet.com by Christopher Stahl about a National Mortgage License System that is being planned.  This is a long time coming.  Creating a national license is something that, if done properly, will create more transparency in the industry and help protect consumers.  I'm usually one to disagree with government regulation and involvement in the market place, however, there needs to be a higher threshold that is set for individuals and companies to be able to advise and help people with the financing on their most important and usually biggest asset. 

Let's raise the bar in the lending community and build trust with consumers.

Comments (4)

Don Carter
All Star Mortgage, LLC - Haverhill, MA
I'm a firm believer in proper license requirements; my only concern is that this is an area that would probably be more efficiently administered at the state leve.
Jul 06, 2007 05:43 AM
Dave Marzinke
American Sterling Bank - Foothill Ranch, CA

Don,

I think I would agree with that.  In Chris' article the groups in favor of a national standard point out that because requirements are so different from state to state, there needs to be a national uniform standard.

 

Jul 06, 2007 05:54 AM
Alexander Harb
Knights Investing - Mesquite, TX
Dallas, Texas Real Estate Investing

You think it WILL be a higher standard? Or just another certificate to lead people on?

I HOPE IT IS a HIGHER STANDARD...=-)

Jul 06, 2007 07:24 AM
Dave Marzinke
American Sterling Bank - Foothill Ranch, CA

Alexander

 not sure if the standard will be higher or just a "smoke screen".  It all depends on who gets to be involved in creating the standard........

 

 

Jul 06, 2007 07:28 AM