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A Loan Approval from Bob?

By
Real Estate Agent with eXp Realty 2021016812

                                                              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

 

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Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comments(22)

Sheri Sanders
Berkshire Hathaway C Dan Joyner Realtors - Easley, SC
Realtor/Broker - Easley, SC Real Estate
Randy,  I haven't read your posts on this subject (at least not yet!), but couldn't agree with you more.
May 03, 2008 05:18 PM
Tom Davis
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor
It is important to be protected! Tom Davis - DE Realtor
May 03, 2008 05:21 PM
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management
Licensing would get the casual person out of the business and leave the professionals.  That would be an improvement.
May 03, 2008 05:25 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

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.

May 03, 2008 05:28 PM
Pam Pugmire
Silvercreek Realty Group - Meridian, ID
Meridian Idaho Real Estate
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
May 03, 2008 05:52 PM
Thesa Chambers
West + Main - Bend, OR
Principal Broker - Licensed in Oregon
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
May 03, 2008 06:07 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

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.

May 03, 2008 09:01 PM
Cynthia Tilghman, Realtor® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC
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.
May 03, 2008 11:33 PM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County
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?
May 03, 2008 11:53 PM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate
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.
May 04, 2008 12:35 AM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection
Randy - I fully agree that regulation should be tighened, consumer sure need more protection.
May 04, 2008 12:43 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland
I want way tougher licensing for everyone  Way tougher.  It doesn't take a Rhodes Scholar to get a real estate license. 
May 04, 2008 01:34 AM
Marc Grossman
Marc It Sold! - Longwood, FL
GRI, Greater Orlando Real Estate Broker
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.
May 04, 2008 01:38 AM
Michael S. Mackey
CENTURY 21 All Islands - Mililani, HI
REALTOR ABR, CRS, GRI, RSPS
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.
May 04, 2008 06:39 AM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

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.

May 04, 2008 01:40 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

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.

May 04, 2008 01:50 PM
Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
REALTOR® - Charlottesville Virginia Homes / Horse
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.
May 04, 2008 01:56 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645
Pam - Who knows ,maybe a few of them have licenses.
May 04, 2008 04:18 PM
Patrick Lambert
ALLY Real Estate - Waikoloa, HI
Hawaii Real Estate Expert
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 05, 2008 07:37 AM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645
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.
May 06, 2008 02:06 AM