I Passed!
Posted by ~Ray @ 2008-03-15 23:34:17
Early this morning I went to Promissor to act my. Passing the LO exam is required by all loan originators who are employed by owe Brokers prior to January 1. 2008. I've passed my accent analyse 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 reverse mortgages).. the test was the last step in retaining my authorise to be a Loan Originator. I passed!
If Loan Originators (we go by many names: mortgage consultant mortgage planner loan command mortgage specialist.. etc) who work for a Mortgage Broker have not passed the 100 challenge exam by the January deadline they will not be allowed to practice as a LO for a Mortgage Broker. I'm betting we'll see the LOs who do not be to take the exam or who did not go the exam become employees at mortgage companies who are exempt from having licensed loan originators (mortgage affiliate banks like WaMu. Chase. 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 order to maintain my authorise.
I would like to hear from a local tip Loan Originator/give Officer to hear in dilate what they are required to do in order to keep employment at Wells Fargo. Countrywide. follow or Washington Mutual... I'm all ears!
Mark. I'm guessing many LOs will either change state employed at a mortgage bank so they don't have to comply with the state requirements of someone who can negociate mortgages. And.. with our current merchandise conditions. I evaluate many LOs will opt for a different go!
I'm not sure who to contact regarding the errors. The errors in the report is what I was most concerned about.. plus there are some "answers" that may be technically correct but I don't agree with (respa type cram).
That's great you passed your mandatory test. What continuing mortgage education did you act prior to this requirement. If you have ever had the luxury of working for a bank you would know that compliance ethics security etc.. modules are required annually by the bank 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 continue to grow their knowledge with such certifications as CMPS. This is done for the sake of education rather than requirement. Of cover there are always employees that act in education more so than others but to try to identify yourself from the rest of the pack without truly knowing the facts tells me what you really know about the banking industry. I get your point... but really can you actually accept that there are not well qualified employees with these institutions?
You undergo not addressed the Banker/Broker 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 continue to ingeminate on the bad to be a inform 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 figure 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 structure is confusing for consumers when they undergo a complaint. Your comment is deserving in a post of it's onw and I'll act to you via a separate 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 come up. It was not with any intent to say that I'm better than him. Our difference is that I do not work for a call center mortgage company.
measure you express that you undergo 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 start by saying that it is obvious that your experience involvement with additional training and using mortgage function providers such as "The Mortgage Market command" makes you a competent loan command. However. I have never worked around any LO's that have any less training or access to the same services you mention. I think it is fair to say that the loan originators that participate in this industry as a career rather than a temporary job all have similar credentials.
Bankers have been regulated by the feds for decades. Not specifically to originate 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 cover 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 have been exceed regulated and were considered to be the hacks in the industry. Obtaining a broker job required that you had a pulse. That side 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 compete I accept that a level playing field is beat.
Regarding Banker/Broker. Yes this refers to correspondent lending but also true bankers with full banking services You have in mind what if you bring home the bacon for a tip that is pulling product and you can not switch to another lender. (We ordain not get into switching at the last minute.) Not all banks but several also allow loans to be brokered as wellsuch as the tip I worked for in the past. In addition most recently many banks have withdrawn their products from the correspondent and broker merchandise only to keep them in displace 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 change or charge for their services. Licensing will not remedy this. That is why I feel it is ridiculous when you mention that some may look for safe haven within a banks walls. In my opinion misleading. be a fact the last bank I worked for we had to write a assure that we could not originate more than 1 inform. What broker can say that. Licensing and continuing education is great remove 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 attack 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 debate" and do not consider this a personal contend what so ever and I wish you conclude the same. You are only the back up "banker" who has been willing to "consider" with me. I convey you--this is good info and no one person is ever 100% correct in my book.
Re: "it is ridiculous when you have in mind that some may look for safe haven within a banks walls" I don't recall saying this. Maybe you meant to say negociate instead of bank and I would not accept with that statement either.
I bet not all banks undergo 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 merchandise.
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 think the world of those guys.. but just because a LO works for a bank mortgage company--it does not make them exempt from being a schmuck.
One of the stories that I linked to in my new affix for you is about on of the lenders you mention in your comment above. The bank LO did not express the borrower that she had a prepayment penalty (700 plus ascribe scores--it was all about padding the LOs pocket). I discovered it on her TIL when her realtor asked me to review the GFE.
Was you 1% limit what you could charge as an origination? As a correspondent lender just desire a bank (unlike a negociate) we are not required to disclose 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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