Currently viewing the tag: "Loan Officer"
This article is about the country’s lawmakers’ decision to police-up the mortgage industry by requiring loan officers to be licensed and registered nationwide; a law that most states, including Arizona have also adopted. While I have always been a proponent of loan officer (LO) licensing I did not expect to be forced to get one for myself since I am a licensed mortgage broker. A mortgage broker license is much harder to obtain and requires a higher level of achievement for the applicant. So why then are we, mortgage brokers, required to have both licenses? One theory I have is that it will produce more fees. Every year, I now have to pay for two licenses and must fulfill continuing education for both which isn’t free either. Another theory is the weeding out process. If you are in agreement with this theory that more fees and testing and fingerprinting and background checking was all designed to remove the bad apples from the bunch (and we all know there are many of them) well you might be surpised to know that on this basis, the law is a total failure.
