Hello all: In Washington State all loan originators were requred to be licensed as of the first of the year. We also have to pass a test by the end of the year in order to keep our license. I think this is a good thing. First and foremost, the conversations I had with the professionals I work with (mostly reators) indicated they thought it was a good thing.
Secondly, I believe it will help you. Theoretically, a person who has to get a license is more committed to the business. What goes with this is a focus on you, our customer, as this is the only way to make it in the long run. A mortgage person who isn't licensed is not subject to any regulations and could operate their business any way they choose. We should be an ethical lot; I believe licensing helps. That's not to say there aren't unscrupulous operators in our business. I find that unfortunate and hope it doesn't happen to you. If you're interested in avoiding this, I just posted a blog about shopping around for the best loan officer here on Active Rain. This might help.
Finally, I'm always curious about how many of my mortgage cohorts who are members of ActiveRain are licensed. Also, if you think it's important. Have a great day!
Paul
Paul McFadden
Licensing has been required in NC for a few years now. I am licensed and I personally think its a good thing, but there are still shady people in the business. Just having a license does not make you honest. I've seen it with my own eyes!
I take pride in myself and the work I do. License or no license, I can still sleep at night knowing I put my clients best interest at heart! Good luck in WA and keep up the good work!
Thanks, Tony. I agree with you. Sleeping at night is important.
Paul
That needs to change!
Mike in Tucson
Jennifer: Thank you. Have a great day!
Paul
Hi Dan: Your points are good. Ultimately, it's all about relationships in our business. If we're doing our job correctly, (or BofA for that matter) our clients should hopefully stay with us for life. Regarding regulation in my industry, I think it's important to have some but not too much obviously. Have a nice day!
Paul
Mike: I hope and pray it will come to Arizona. Consumer protection is important. Have a wonderful day!
Paul
Paul,
That's great that Washington is joining the licensed group. Nevada requires a license that must be renewed annually, after you take a 10-hour continuing ed course and pass a test at the end. In my opinion, our testing procedure could be even tougher to maintain a higher professional standard.
Esko: Thank you. I'm not opposed to being retested occasionally. I'm preparing for the first time and have to admit I'm a little nervous even though I've done o.k. on the practice test. Have a great day!
Paul