Comments on: Loan Originators to need Licensing by 2010

By: Steve Belt

Steve Belt — Wed, 02 Jul 2008 01:55:37 +0000

@Dave, interesting perspective, particularly coming from a mortgage broker type. I do agree that the “bad loans” couldn’t be written by a mortgage broker, if the banks didn’t come up with them, and their underwriting guidelines didn’t allow them. That people could qualify for a loan based on the short term introductory rates of some of those stupid loan programs was absolutely atrocious.

By: Eric Murrietta

Eric Murrietta — Mon, 30 Jun 2008 22:39:43 +0000

I do believe that licensing is going to add more credibility to the profession. Though there will always be those who push the ethics envelope, whether they have the license or not, it will be a good for the profession in the long run.

By: DebtFreeDave

DebtFreeDave — Mon, 30 Jun 2008 19:34:10 +0000

The bad thing about this bill is that it is for brokers and not bankers. If it is going to be effective, it needs to include everyone. Bankers had a larger percentage of the mortgage abuse than brokers did. Banks just want to eliminate a portion of their competition. The end result will not benefit the average consumer on the street. It only looks like good news, it is not. Anyone whose knows the industry will tell you it is a political move only.

By: Craig J. Frooninckx

Craig J. Frooninckx — Mon, 30 Jun 2008 16:42:30 +0000

This is the first step in regulating and holding accountable those professionals in the Mortgage industry. I doubt it would have prevented some of the situations that we are currently paying for, but I do think it is a step in the right direction in helping prevent those that are unethical and unprofessional from just writing bad loans. Just my $.02 worth.