I walked into the office earlier this morning, when I opened my inbox; I had received an email which had been forwarded to me by a friend, who is a loan officer for a larger retail bank here in Tampa. The subject of the email was "Mortgage Fraud Scheme." This prompted me to start searching the internet where I have been for about an hour or so looking at all of the recent stories about former mortgage lenders, mortgage brokers, title agents, attorneys, appraisers, Realtors and real estate brokers getting sentenced up to 35 years for wire/bank/real estate fraud. To me it is amazing that there are still people trying to get away with being crooked in real estate. My hope is that through the creation of this new N.M.L.S. system, a system created to hopefully help transform this industry into a profession from the "used car salesman" type of reputation it has rightfully earned. It has never been more obvious to me that a few bad apples that are truly hurting an industry and an entire economy. The purpose of N.M.L.S., was at its purest intention is to create a system of monitoring and tracking the entire mortgage and real estate finance profession. By requiring that M.L.O.s (mortgage loan originators), loan processors, and underwriters to be licensed and thus monitored, this will hopefully help us track those bad apples. The biggest problem with this system is that if you work for a bank, you're still not required to participate in this monitoring system. I have watched so many people who were afraid of being monitored go running to the large banks. I can't even tell you how many former "shady" guys are now working for Bank of America and Wells Fargo. It seems for now, the NMLS system has effectively either forced all of the bad apples to the big banks or into other professions. I have spoken with countless people at trade shows, networking events and at various events at the local board of Realtors and the general consensus is that we all hope to see N.M.L.S., expand to cover all loan originators, regardless of the origination channel type.
DJ Rondeau
Licensed Mortgage Broker
Bay to Bay Lending, L.L.C.
501 South Dakota Ave, Suite 2
Tampa, FL 33606
813-489-5562- Office
813-480-6077- Mobile
813-464-2867- Fax
djrondeau@baytobaylending.com
www.tampafloridamortgagebroker.com
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NMLS Originator ID: 218498
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