Mortgage Licensing System Embraced By Some Slammed By Others

RE:Mortgage Licensing System Embraced By Some Slammed By Others

Don — Mon, 25 Feb 2008 13:00:00 GMT

All mortgage loan originators should be licensed and tracked through a nationwide system. IF our esteemed representatives on the Hill are serious about protecting the public from unscrupulous lending practices, then mandate originators employed by banks, credit unions, etc. to be registered as well. Its time for Chuck Schummer and the rest of his cohorts to make a change to protect borrowers from bad originators in every sector in the mortgage industry. Why are only mortgage brokers being singled out?

RE:Mortgage Licensing System Embraced By Some Slammed By Others

LoanChatLive.com — Sun, 11 Nov 2007 13:00:00 GMT

I agree that anyone handling a mortgage loan HAS to be licensed. Especially now with how damaged the loan industry has been with unethical lenders. Even a simple mortgage broker question from a consumer should be handled by a licensed broker only!

RE:Mortgage Licensing System Embraced By Some Slammed By Others

LoanChatLive.com — Wed, 07 Nov 2007 13:00:00 GMT

I am a huge proponent of National Licensing. As a mattter of fact our company is developing a network of "Licensed Only" mortgage professionals where Mortgage Broker Questions can be answered in real time.

RE:Mortgage Licensing System Embraced By Some Slammed By Others

Rush — Wed, 11 Apr 2007 11:00:00 GMT

Having been one of the "clean-up" people working files during the S&L and Banking crash of the late 80's...all of the people involved in the fraud and over charging were "exempt" federally regulated employees. I feel anyone who signs a 1003 as the originator should be licensed or "tracked" as a public service. If the originator does not have "skin in the game", they will do what is expedient or most profitable.

RE:Mortgage Licensing System Embraced By Some Slammed By Others

Tom — Tue, 03 Apr 2007 11:00:00 GMT

I agree that all loan officers should be licensed, but NAMB is totally inconsistent: they call for all originators to be licensed but then are pushing a "State Model Licensing Statute" that by definition will not address loan officers of federal banks. I'm tired of the bad apples making the rest of us have to deal with more regulation. NONE of the national trade groups are working towards any concrete solutions. At least the Coalition of State Bank Superintendents is trying to do something.

RE:Mortgage Licensing System Embraced By Some Slammed By Others

mortgage loan expert — Sat, 24 Mar 2007 11:00:00 GMT

Anyone who sells a mortgage, wholesale or retail, should be licensed by their state dept. To be able to be employed by any broker, mtg. banker, or direct lender.

RE:Mortgage Licensing System Embraced By Some Slammed By Others

John — Thu, 22 Mar 2007 11:00:00 GMT

Actually, Countrywide is looking to go under a Federal Bank Charter because the various state agencies are a nightmare to work with, especially considering the size of their origination staff. It isn't exactly cloak and dagger to want one single regulator to answer to.

RE:Mortgage Licensing System Embraced By Some Slammed By Others

Janet Serna — Fri, 09 Mar 2007 13:00:00 GMT

Being a NM loan originator, I feel it is imperative that we be licensed, however it must apply to everyone!! I have many clients that have been "swindled" by brokerage firms, banks, credit unions, etc. We are dealing with people's livelihoods, and all of us should be licensed and regulated at the same level. Realtors and Escrow officers are required to be licensed, we should follow their example.

RE:Mortgage Licensing System Embraced By Some Slammed By Others

Dave Weaver — Thu, 08 Mar 2007 13:00:00 GMT

Geez, No wonder Countrywide has applied to become a federally chartered bank. Nice little exemption for all their originators. Makes you question motives.

RE:Mortgage Licensing System Embraced By Some Slammed By Others

M in JAX,FL — Thu, 08 Mar 2007 13:00:00 GMT

Those agencies that are exempt must follow tighter "internal" corporate policies. They answer to federal audits for compliance. They have a larger reputational risk to manage(and deeper pocket) from potential lawsuits. The broker can lose his license but the Bank, Thrift or CU can lose millions. Having worked with both brokers and larger banks I support the licensing exemption. Anyone can sit for a broker license test. Banks put their people through more thorough training.

RE:Mortgage Licensing System Embraced By Some Slammed By Others

REIBroker — Thu, 08 Mar 2007 13:00:00 GMT

I have long been opposed to exemption of anyone who originates mortgages from being subjected to the same licensing requirements as those with which other companies are required to comply. Citing Homeowners Loan Corp. and The Laredo National Bank. I have an employee who was once an employee at HLC and tells stories about originators there who got as much as 5% origination and 7% YSP. If you're going to regulate, regulate EVERYONE ... no exemptions.

RE:Mortgage Licensing System Embraced By Some Slammed By Others

Tim Cornelison — Thu, 08 Mar 2007 13:00:00 GMT

I agree completely with the position held by the NAMB even though I am one of the lenders who is exempt as a direct employee of a lender. Clearly the same standard should apply to all mortgage originators regardless of who employs them.