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Loan Brokers: Mandatory Licensing???

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J in Florida

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Crooks, scoundrels, felons and thieves, NAMB gives you fair warning: We do not want you in our business," Falk told the convention's opening session. "If you are in it, get out!" he proclaimed. "If you are considering joining our industry, don't!"


Please, Mr Falk. Being a crook, scoundrel and thief is a prerequisite to entry into the field. You don't want felons because they're stupid and got caught. The standing ovation was probably because everyone in attendance had lost their voice from laughing so hard. :wink: :wink:
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
North Carolina enacted a Mortgage Lending Act last year. This act will beome law on 07/01/2002.

It will require Mortgage Licence Applicants to apply for a license, have a criminla background check and take continuing education classes each year. Among other things, it prohibts lenderds from coercing appraisers
and require appraisal fees be paid in a reasonable time.

Will it do any good? Only if apraisers and others file complaints on the lenders that do not follow the laws.

I know of SEVERAL mortgage brokers who will NOT be able to get a license due to extensive criminal history.

Hey, it is a start! Lets hold them to the laws and rules just like we are.


Bob
 

P.Johnson

Sophomore Member
Joined
Feb 4, 2002
Minnesota lenders are required to be licensed. They don't license each individual LO though. It has been a great help in getting paid, but there are still the LO's that go from insurance or used car sales to being a loan officer when rates come down. Most of my clients agree that it would be the best thing that happened to the industry.
 
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