With the tightening of secondary marketing standards and demise of numerous mortgage companies, the mortgage business has lost approximately 40,000 jobs as of late. In my opinion, this creates a great opportunity for mortgage reform as far as licensing of Loan Officers. Now would be a great time to make a national exam similar to the Series 7 Exam for Stockbrokers in order to become a Mortgage Loan Officer. With this exam, there could be a background check.
I think this would help to clean up the mortgage industry, at least on the retail end of things.
Michael Byrne
Mortgage Specialist
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I think a National Licensing procedure would work because as it stands I currently go through varying degrees of licensing for the states in which I currently do business. NJ does not even require an exam, just a questionaire and "background check". Md requires a 3 year history in the business, which is kind of silly. FL has an unproctored exam that is taken via computer, which is ridiculous.
Well, I don't agree with you that this is a good thing. It's never good to see 40,000 fellow Americans lose their jobs...Period.
Not every kid coming out of college will look to make a quick score as a "Loan Officer" anymore. I really don't concider them Loan Officers, but that's what they say when they pick up the phone. The true mortgage Professionals will come out on top, but we don't have all the products we used to either...I know I'm closing the same amount of loans as last year and making less money...how about you?