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Mortgage brokers and bankers license & fees

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Josh Hopkins | 29 Apr 2014, 11:01 PM Agree 0
How mortgage brokers and bankers have to be licensed, pay fees, etc., in each state is probably my biggest axe to grind right now!
  • Simon Dalambert | | 29 Apr 2014, 11:04 PM Agree 0
    I totally agree. What also bugs is the big broker lenders are not doing anything about it. The providents, the stearns, the flagstars, where are they? They are making money hand over fist yet I dont see them fighting any of these regulations.
  • Edward Gambrill | | 29 Apr 2014, 11:07 PM Agree 0
    Having worked for both a big bank and now a mortgage banker, the banks have it easy! Yes we got finger printed, background check and now they are registered but the internal "CE's" are a joke. If you don't get the answer correct, it just keeps asking until you do get it right. Multiple choice at its finest! Let's talk about fines. Licensed LO's are being set up to fail and walk a tight rope everyday. A fine for every advertising infraction even if it is not your error. Don't call a referral unless you've been in contact with them in the last 18 months, it's a hefty fine too. The banks do NOT educate their LO's nearly enough and fines are never passed onto LO's.
  • karl krueger | | 25 Jul 2014, 02:07 PM Agree 0
    Applications for a new mortgage broker/processor or lender license or registration must be made through the Nationwide Mortgage Licensing System (NMLS).
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