Indiana Mortgage Brokers

[Cookie]

A bit of news in today's local paper.

http://hosted.ap.org/dynamic/storie...NOL-?SITE=INMUN&SECTION=HOME&TEMPLATE=DEFAULT

 

[Kevin A. Spellman]

This is clearly evident how many amateurs there are in the lending industry. This scenario would hold true throughout the country. The Indiana licensing authorities should not give any extensions and the investors should be allowed to close a loan, but the brokers without the qualified principal manager should not be paid. The cost of business should be with the broker and not with the applicant or the investor.

 

[RSW]

It's a good start.

 

[Richard Carlsen]

That licensing is sort of a misplaced trust in some respects is evident in our own profession where licensing has been mandated for participation as a fee appraiser following a series of required classes, a complicated, dictum (USPAP) on standards and procedures as well as continuing education, constant peer review and state board over-sight. One would think that with these things in place for so many years, a Skippie would not or could not exist. But they do.

The people of the great state of Indiana will find that simply having a "principal manager" who has passed an exam will not do away with their MB problems.

But like the punch-line in the old joke that leads off asking, "What is a thousand dead attorneys lying at the bottom of the Black Sea?", it is a good start.