I Passed!
Posted by ~Ray @ 2008-03-15 23:34:15
Early this morning I went to Promissor to take my. Passing the LO exam is required by all loan originators who are employed by Mortgage Brokers prior to January 1. 2008. I've passed my background check from the DFI and FBI and I've attended my two clock hour courses (ethics--which is required for the first year of licensing and change mortgages).. the evaluate was the measure go in retaining my license to be a give Originator. I passed!
If Loan Originators (we go by many names: mortgage consultant mortgage planner loan officer mortgage specialist.. etc) who work for a owe negociate have not passed the 100 question exam by the January deadline they will not be allowed to learn as a LO for a Mortgage Broker. I'm betting we'll see the LOs who do not want to act the exam or who did not go the exam become employees at mortgage companies who are absolve from having licensed loan originators (mortgage affiliate banks desire WaMu. follow. Wells Fargo. Countrywide; credit unions; consumer loan companies).
As a Licensed Loan Originator. I am required to continue taking two classes per year approved by DFI in request to maintain my license.
I would love to hear from a local bank Loan Originator/give Officer to hear in dilate what they are required to do in request to keep employment at Wells Fargo. Countrywide. Chase or Washington Mutual... I'm all ears!
attach. I'm guessing many LOs will either change state employed at a mortgage tip so they don't undergo to comply with the state requirements of someone who can broker mortgages. And.. with our current merchandise conditions. I think many LOs will opt for a different career!
I'm not sure who to contact regarding the errors. The errors in the inform is what I was most concerned about.. plus there are some "answers" that may be technically correct but I don't accept with (respa write stuff).
That's great you passed your mandatory evaluate. What continuing mortgage education did you act prior to this requirement. If you have ever had the luxury of working for a tip you would know that compliance ethics security etc.. modules are required annually by the tip employees. We don't wear these requirements as badges rather we separate ourselves from the rest by demonstrating our knowledge. In addition most of these employees act to expand their knowledge with such certifications as CMPS. This is done for the sake of education rather than requirement. Of course there are always employees that act in education more so than others but to try to distinguish yourself from the be of the pack without truly knowing the facts tells me what you really know about the banking industry. I get your inform... but really can you actually believe that there are not come up qualified employees with these institutions?
You have not addressed the Banker/negociate scenario. So what's your act on a Banker/negociate? You must realize that working with just a broker has far more limitations for the client vs working for a Banker/Broker.
We all know that there are bad LO's just as there are bad attorneys cops doctors. CPA's etc... Reading through your website I see a lot of attacks towards the bad one's in the industry. Of course every good LO feels this way. However in my opinion to act to harp on the bad to prove a point that you work differently is a balancing act that is razor sharp. To act to point out the flaws in the industry you feed into the stereotype of mortgage brokers. Try illustrating your skills without the examples of what others have done wrong. People can evaluate that out for themselves that you are good at what you do without perpetuating our industries stereotypes. A more cohesive industry is a healthier one for all of us
Cogger my beef is that legislation is not the same for all loan originators. Our current coordinate is confusing for consumers when they have a complaint. Your comment is deserving in a post of it's onw and I'll respond to you via a displace posts.
I'm not sure if you're referring to the 2 post from the subprime lender. I was telling a different side of subprime-he's almost a victim of the merchandise (his employer) as well. It was not with any intent to say that I'm better than him. Our difference is that I do not work for a label center mortgage company.
Last you state that you have modules set up as a banker.. what specifically do you do as a banker to be allows you to originate mortgages per express/federal guidelines?
I'll go away by saying that it is obvious that your experience involvement with additional training and using mortgage service providers such as "The Mortgage Market command" makes you a competent loan officer. However. I have never worked around any LO's that have any less training or find to the same services you mention. I think it is bring together to say that the loan originators that act in this industry as a career rather than a temporary job all undergo similar credentials.
Bankers undergo been regulated by the feds for decades. Not specifically to become loans but as an industry. If you have ever spoken with any LO from WaMu. Wells. M & T etc.. you would know that their internal training programs are excellent. Of course their training may not be the same as what is currently required for brokers however this licensing is relatively new. For years bankers thought that brokers should undergo been better regulated and were considered to be the hacks in the industry. Obtaining a broker job required that you had a beat. That align of the industry has stepped up their game by mandate. This came about because of the problems with that align of the industry. All things being equal I agree that a level playing field is best.
Regarding Banker/negociate. Yes this refers to correspondent lending but also adjust bankers with beat banking services You mention what if you bring home the bacon for a bank that is pulling product and you can not change by reversal to another lender. (We will not get into switching at the last minute.) Not all banks but several also allow loans to be brokered as wellsuch as the bank I worked for in the past. In addition most recently many banks undergo withdrawn their products from the correspondent and broker market only to keep them in place for there own LO's. Wells is a perfect example of this. In many cases this has given bankers the upper hand in product availability.
My point is this - you can be licensed self educated etc.. but that does not change how a lender may decide to sell or charge for their services. Licensing will not remedy this. That is why I conclude it is ridiculous when you mention that some may be for safe haven within a banks walls. In my opinion misleading. Matter a fact the last tip I worked for we had to sign a contract that we could not become more than 1 inform. What broker can say that. Licensing and continuing education is great bench mark for the client to recognize but this alone does not protect them whether they are a banker or broker.
This is not a personal contend rather a healthy debate. Your blog offers a great opportunity for thoughts to be shared and is a big commitment by you. Continued success to you and all those that work so hard in this industry.
Cogger welcome back! I do acknowledge our "healthy consider" and do not consider this a personal attack what so ever and I hope you feel the same. You are only the back up "banker" who has been willing to "debate" with me. I thank you--this is good info and no one person is ever 100% change by reversal in my schedule.
Re: "it is ridiculous when you mention that some may look for safe haven within a banks walls" I don't denote saying this. Maybe you meant to say broker instead of bank and I would not agree with that statement either.
I bet not all banks have the 1% limit on origination and your correct most brokers do not either. When I attended the WAMB ethics course one dirt bag bragged about making 5 points--I wanted to personally toss him out of the class myself which I'm sure he learned nothing from. We can only hope that he's unemployeed due to the shrinking subprime market.
I undergo many friends in the mortgage bank biz who are relentless at trying to sway me over to the mortgage bank side of the industry... I evaluate the world of those guys.. but just because a LO works for a bank mortgage company--it does not alter them exempt from being a schmuck.
One of the stories that I linked to in my new post for you is about on of the lenders you have in mind in your comment above. The bank LO did not tell the borrower that she had a prepayment penalty (700 plus credit scores--it was all about padding the LOs pocket). I discovered it on her TIL when her realtor asked me to analyse the GFE.
Was you 1% limit what you could charge as an origination? As a correspondent lender just like a bank (unlike a broker) we are not required to tell what we're paid on the back end as a YSP or SRP.[ADVERTHERE]Related article:
http://www.mortgageporter.com/reportingfromseattle/2007/09/i-passed.html
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