Comments on: Don’t be caught unprepared: new licensing requirements for mortgage brokers

By: Billy bob

Billy bob — Mon, 10 May 2010 15:04:31 +0000

Do I need a license as a comercial mortgage broker ? If so can I co broker without the license ?

Thanks

By: JOHN FINNEGAN

JOHN FINNEGAN — Tue, 12 Jan 2010 23:24:15 +0000

Bradley,

Thank you for the clear explanation of the DRE requirements and the national registry. It was very informative.

I think your last 3 paragraphs skip details and went dark with the future of brokers. Brokers are the best out sourcing system for

Large lenders and they provide origination without extended overhead something that every business wants to cut. The very professional brokers will welcome a more arduous

Licensing and regulatory environment so not just anybody can handle the largest financial transaction of peoples lives. The days of hit, run and kick back are over.

There will always be a place for professionals in our industry.

By: Daniel Cook

Daniel Cook — Sat, 19 Dec 2009 07:07:30 +0000

Does anyone have the complete rules and forms needed to comply with all the regs concerning the “mortgage originator.???

By: Terry Irmer

Terry Irmer — Thu, 17 Dec 2009 11:14:25 +0000

These new requirements are a crock of crap. I can see some extra education for loan originators but all the yearly reporting of every little thing one does is just make shift jobs for the state and federalies to collect worthless info on origination activities. The once a year reports are a time consuming costly burden .Reuping your endorsment every year instead of in conjunction with your brokers licence makes no sence except to collect more fees to keep more gov. paper pushers in jobs. Is this part of the new stimulus jobs program for the economy ?. no wonder we are going broke .The idiots that thought up this garbage must be real proud to help along the economy by shoving extra work requirements and expences on to Brokers. How about making up a bunch of laws and reporting requirements with fees and yearly education hours on the bozos that crashed the realestate markets namley the greedy bank and wallstreet execs.and their partners in cahoots the congress. The powers that be are acting like these new laws will do something by over regulation of the Originators when all they do is collect information and submit it to the processors and underwriters for approval and have no say in what or who will get financing for how much .Originators can only charge a small fee for their efforts and offer and explain different rates to the borrower.Then its up to the borrower to chose. RANT __OVER

By: Pat Shaffer

Pat Shaffer — Wed, 16 Dec 2009 03:04:28 +0000

Do you have any detailed information requiring running a credit report. Exactly what is being looked for? Is there a minimum cr sc requirement? Are letter of explanations going to be reviewed regarding credit issues?

Some loan originators have fallen victim to the mortgage crisis just like anyone else. How can they overcome this with the new stringent laws?

Now the loan originator is a victim of government guidelines which may put them out of business!