What am I doing here???

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What am I doing here???


So here I sit for the fourth and final day of the new Federally Mandated national mortgage training class. And after four days of class noticing the incompetence that is still within our industry I am shocked. The question keeps popping into my head, “What am I doing here and how did the industry get to this point?”

Can this really help?

I have held a Maryland Lenders license nearly twenty years and have witnessed firsthand industry changes over the years. My concern is not if the national training class has its place, in fact it really is many years too late, but if it in fact will be yet another misguided effort by our federal government. I sit and listen to my fellow class members and become amazed with the quality of their questions, lack of industry knowledge and overall inexperience. I ask myself, “Can this really stop the unethical practices that helped put our industry where it is today?”

Is mandatory classroom and passing a test the correct quality control for the mortgage industry? Hmmmm…. At some point industry should experience be factored in? I didn’t see too much quality experience in that class I just attended. I was not impressed. In fact, I was bothered the industry has really not changed that much. Said to say but many of my classmates were more concerned about how to market the lowest mortgage rate instead of focusing on what would make them a better mortgage professional.

Regulation? What's the big deal......

I have supported tighter industry licensing similar to the Maryland Real Estate commission for years. Here is why – it has teeth!

In the State of Maryland real estate agents are required to take a four week course and pass a test to receive a certificate. Now they are eligible to sit for the state licensing test. If they pass that test they become licensed. But it doesn’t stop there…. Each licensee must hang their license under a senior licensee, or in other words, a real estate broker. That broker is now responsible for the conduct of that agent.

Additionally and most importantly, each licensed agent and broker must pay annual dues. These dues are pulled together into a general fund held in escrow by the Real Estate Commission. When a client has a complaint the agent and broker are brought before a board of their peers. If that board decides in the favor of the client the damages are paid out of the general fund and the culprit or culprit’s licenses are suspended until the money is paid back. WOW now that has teeth! One thing we know for sure is the Fed really only takes the gloves off for the big and notorious cases but really has very little teeth when it comes to the day to day unethical practices found in the industry every day...........So once again… here I sit!




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We look forward to hearing from you soon.

Will Steneman - President & Founder
Happy Mortgage

Baltimore's #1 Mortgage Lender



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