Bad Actors

Share

This website was just brought to my attention.  Fraud Problem has an updated list naming individuals who have been denied a Loan Originator License for the State of Washington.   DFI posts the same information.

The largest benefit of Washington State’s licensing law for loan originators who are employed by a Mortgage Broker is that the bar of entry has been raised.  It’s true that prior to this law, one just needed to fog a mirror to be a LO.  It didn’t matter if they were a felon, had committed fraud or if they were competent.   

Over the past month, I’ve had individuals who have received bad advice and have also relied on a "bad actor" instead of a Mortgage Professional for the financing of their homes.   Here’s a link, also from Fraud Problem, on what to do if you have a complaint from working with a "bad actor".  Here is DFI’s link to file a complaint.

Since mortgage brokers and mortgage bankers are regulated by different entities, it can be tricky and take some work to find out where your complaint should reach.

I want my industry to be cleaned up.   Helping people with the financing of their home and proper managing of their mortgage is a noble profession.

If you consider that 70 are listed on Fraud Problem’s site and there are an estimated 15,000 loan originators…simple math tells you that 0.5%* of the industry were unsavory.   I’m not defending the "bad actors" in any way, I am standing up for the 99.5% of us in Washington State who are good.   

*I’m sure this figure will increase as the background checks continue…however, the good will out number the bad. 

Speak Your Mind

*