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  1. Jillayn
    Sep 25 - 1:06 pm

    At some point, I will author a letter of recomendation to the new Wa State commission formed by Governor Gregoire, recommending that we elevate the minimum standards for becoming a licensed loan originator.

    The Governor can’t do anything about federally chartered banks. She CAN do something about state chartered banks, state licensed consumer loan lenders, and state licensed mortgage brokers.

    We have to start somewhere.

    When the business picks back up again (many years from now) all those LOs will be right back here, answering ads that say “make six figures your first year…no experience required.”

    How about a minimum level of required pre-licensing education. A one week class. I would write my piece advocating for a 2 week class, and then if we had to compromise on one week, that would be better than nothing.

    A mortgage could be one of the biggest financial decisions of a person’s life. We owe our consumers more, and the industry owes more to its LOs.

    Great post, Rhonda.

  2. Rhonda Porter
    Sep 25 - 1:15 pm

    Thanks, Jillayne. The bar of entry to be a Mortgage Broker is higher than what it was. At least now one must pass a background check, state exam and take 2 DFI approved courses per year.

    If a loan originator does not want to meet these higher standards, they’ll have to work for one of the mortgage-banks that the state (DFI) cannot regulate.

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