Licensed Lenders

[Les Brant]

After spending a little while perusing the "GBU" Forum an idea came to me. North Carolina has now required LO's to be licensed, so why not push for it in all states with a reciprocity(sp) clause. Then if a Mortgage Company in California does not pay an appraiser in NC, they can have their license pulled. Would not have to go across country for a $350 fee.

Les in Sunny But a Little Cool, Coastal (N)Carolina

 

[David Mullen]

Licensing sounds good and when it was suggested for our trade, I liked it.

Now that it is in place, I see no positive benefits for the busines and in my area, I would never dream of telling anyone what I do for a living. We are regarded as sleazy sell-outs, right along with used car salesmen and lawyers.

 

[Joe Birrell (NY)]

Without enforcement it's meaningless. Mortgage brokers, mortgage bankers, appraisers, real estate agents, brokers, etc operate above the law without any consequence, and the beat goes on.

 

[Jeff Horton]

I think the idea has merit but it has to have enforcement of the rules that is swift and fair. Appraising has not been that way as we all know. nothing has stopped the number hitters and others that lie and cheat and know it.

Alabama now requires that the Broker be licensed. The Loan Officers dont have to be (yet?). I am anxious to see what effect this has if any. I really dont expect any difference. But I do have a recourse for the lenders that don't pay up. I can report them to the Alabama Banking Commision.