New Mortgage Licensing System May Benefit States, Lenders and Consumers

RE:New Mortgage Licensing System May Benefit States, Lenders and Consumers

john — Fri, 11 Jan 2008 13:00:00 GMT

This as always does not go far enough. in addition, to national licensing for loan officers, we should have a national discourse database so that when a LO has a fraudulent case he can upload the particulars so that the scheme does not have the opportunity to go to another bank. It happens far to often that a customer goes to one broker and submits a phony scenario that gets declined, and resubmits it to a second bank with all the corrections learned from the first denial. Secondly, most mortgage broker shops are in favor of national licensing. Ask them. The more licensing, the more credibility the survivors in this business have. The major objection we have as brokers is that it never seems to include major bankers in the licensing requirements. Fair is fair all writers of mortgages need to be licensed nationally. We need a better way to track the crap in the industry not for today but for the future of our industry

RE:New Mortgage Licensing System May Benefit States, Lenders and Consumers

Stanton Weirman — Mon, 18 Jun 2007 11:00:00 GMT

How about licensing homebuilders? Appraisers? Heck - why not just abolish state governments altogether and federalize everything.

RE:New Mortgage Licensing System May Benefit States, Lenders and Consumers

Morgan — Mon, 26 Feb 2007 13:00:00 GMT

Finally! This is great news for consumers, states and mortgage companies alike. It's amazing in an industry that is so fragmented between state and federal guidelines and regulations that a consistent means of licensing across the majority of the country will be in effect in the near future. This should be heralded as a major step forward for a system that has had too many flaws and ambiguities.

RE:New Mortgage Licensing System May Benefit States, Lenders and Consumers

Mark Grayson — Sat, 24 Feb 2007 13:00:00 GMT

Much ado about absolutely nothing ... except to continue to federalize (centralize) everything in an overt effort that has been on going for years. The centeral (federal) gov't wants to control every aspect of every human life. After 29 years in the mortgage business, I gone to less intrusive pastures. If all this oversight really worked, which it does not and will not ... we would not have the scandals that rock the various financial markets in the country. There's no consumer benefit.

RE:New Mortgage Licensing System May Benefit States, Lenders and Consumers

John — Fri, 23 Feb 2007 13:00:00 GMT

It's about time. Too many dishonest LO's and AE's out their. This LAW needs to booked and funded quickly and get them dishonest LO's and AE's retired. Have a blessed day!