Have you ever gotten a loan approval letter from Bob's Mortgage and Hair Cutting Emporium? You think I am kidding, don't you. I did make that one up, but trust me some of the companies I have run across are just as crazy.
In the last couple of years it seems like every third person thinks they are a mortgage professional. In Hawaii to be a loan officer all you need is about $100. That will get you a license and a set of business cards.
Today I received a copy of the Governor's e-newsletter. She spoke this week to the mortgage brokers association and said she is pushing for licensing reform and is asking for their support and help.
She is asking for tighter licensing requirements. Hooray!!!
I will be one to testify at the legislature if that bill gets a hearing. I will also be speaking to my area legislator asking for her to support it.
In the past I have advocated tighter licensing for loan officers and real estate agents. We are talking about transactions for 100s of thousands of dollars. The public should be better protected than they are currently.
Just me 2 cents worth.
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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
Sheri - Thank you. This topic has been one I wrote a lot about last year.
Tom - We are supposed to be professionals and the public is not.
Robert - The public believes if you have a license you should know what you are doing. I think that should be the case.
Pam - At the big box office supply stores about $25.
Thesa - It happens all the time. I have seen so many bad loan approval letters from brokers in the last couple of years. I try to get all of my buyers to go through funding lenders with full approvals. I have not gotten one bad pre-approval following those practices.
I hope your Legislature sees the need for stricter license requirements for lenders and enacts a law soon. These people need to be well educated in their field and held accountable.
Cynthia - We have tried unsuccessfully in the past. I believe if we get the mortgage brokers association behind it, we can get some movement.
Gary - I use it regularly.
Neal - That is too funny. You hit on something there. To cut hair it is a tough license to get. To do mortgages there are almost no requirements here.
Lenn - I am a strong advocate for tougher licensing for everyone in our industry.
Marc - The reason our state claims they have licensing is to protect the public (not just to collect revenue). That being the case, they need to protect the public better.
Mike - That is for sure. I work with some real professional loan officers and I know they would like to see the bar raised higher also.