Comments on: Licensed to Loan

By: Rhonda Porter

Rhonda Porter — Tue, 20 Mar 2007 21:33:22 +0000

Hi Ed, Thanks so much! I’m sure some readers might find my post “too simple” for their liking…however, this is my style and, I’m glad you appreciate it. Reverse mortgages are very specialized, and I would recommend doing just that, specialize in it. There are a couple firms who do locally (I’m not sure who you’re considering). Does the firm offer training? Jillayne’s company, http://www.ethicallending.org I know offers training for LO’s too. I don’t know if it targets reverse mortgages. I would also recommend getting to know estate planners, attorneys and financial planners.

Best of luck to you! What made you decide on reverse mortgages?

By: Ed Morrison

Ed Morrison — Tue, 20 Mar 2007 21:27:35 +0000

Rhonda, I am new to the industry. I have been offered an LO position in Reverse Mortgages with a local firm. I set out to learn a bit about the company, it’s people, format and approach.

Perhaps the best thing to happen so far is finding your article. Scuttlebutt abounds, Legalese pervades and clarity is a rarity. Thanks!

Yes, I am interested in performing mortgage services. Yes, I will do it right or not at all.

Will you share any words of wisdom, navigational guides or specific directions to aid and abet a soul of some potential? While a mentor/employer-trainer may be too much to ask for, I’ll bring it up anyway. Can’t hurt to ask.

By: Quick Update on Loan Originator Licensing | Rain City Guide | A Seattle Real Estate Blog...

Mon, 05 Feb 2007 15:43:46 +0000

[...] Since I’ve covered Loan Originator licensing before on Rain City Guide, I thought I should provide this update. Apparently DFI is loosening up on their previous decision to not allow LOs to take loan applications if they did not submit the required information prior to the original January 31, 2006 deadline. [...]

By: Rhonda Porter

Rhonda Porter — Sat, 13 Jan 2007 23:23:47 +0000

I’m happy about it too. I would much rather have my license on file and carry a ID card on me than to have a series of numbers following my name on everything. I’m having a hard time picturing my new business cards…can the numbers go after my designation, etc.

By: Reba Haas

Reba Haas — Sat, 13 Jan 2007 23:12:45 +0000

Happy to hear that this is in effect and how the state is requiring the licensing for mortgage brokers. You mention that they don’t require agents to put these details on our business, cards, etc, but we are required to have our licenses on file and/or posted for display in our broker’s offices. I also carry my current personal card sized WA State real estate license info with me in case anyone ever wants to ask me for it in a meeting.

By: Rhonda Porter

Rhonda Porter — Sat, 13 Jan 2007 15:02:41 +0000

Brian, thanks so much! I enjoy your blog as well and I’m pleased to contribute to RCG.

By: Brian Brady

Brian Brady — Sat, 13 Jan 2007 08:01:54 +0000

Rhonda:

I’m so glad you’re writing on RCG. I love Ardell’s challenging ideas and Dustin’s online marketing advice but have wanted to read a loan originator on my second favorite weblog (sorry, I author at Bloodhound).

You round out a great team of authors. It’s nice to see one of “my team” on RCG.

By: Brian Brady

Brian Brady — Sat, 13 Jan 2007 07:59:01 +0000

Go Chuck! Keep writing, Jilliayne!

Thank you for the acknowledgement.

By: Jillayne Schlicke

Jillayne Schlicke — Sat, 13 Jan 2007 02:01:33 +0000

Hi Rhonda,

That’s not entirely correct. Consumer lenders still comply with federal lending laws.

Deborah,

Consumer lenders are audited periodically. Our state uses a different word, “exams” instead of the word “audit.” See section 208-620-580
http://apps.leg.wa.gov/wac/default.aspx?Cite=208-620

WA DFI just recently nailed a bunch of payday lenders. Here is the story:
http://www.dfi.wa.gov/consumers/news/2007/zippy_cash.htm

Brian, WA State’s Chuck Cross, who I blogged about on RCG is going to Washington DC to work with the group who’s taking on nat’l licensing of orignators.
http://www.raincityguide.com/2007/01/09/there-are-now-five-drink-sizes-at-starbucks-short-tall-grande-venti-and-chuck-cross/

I like your blog, Brian!

By: Brian Brady

Brian Brady — Sat, 13 Jan 2007 01:32:34 +0000

Not being completely familiar with Washington law, I will keep my comments general.

Rhonda, state licensing of loan originators is done under the guise of consumer protection and confidence; it actually does neither.

Holding the FUNDER of the loan (ie lender, correspondent or not) responsible for compliance to loan standards under the TILA makes much more sense. If the ultimate funder of the loan is on the hook, the origination will be performed effectively.

The real solution for licensing originators is a NASD system with competency tests and background chacks. Huge fines for failure to supervise will flush out the bad apples in the industry.l

State licensing neither protects nor inspires confidence ; it’s just a revenue source. That being said, congratulations on your temporary license. Sometimes, it just is what it is.