Thousands Could Lose Their Mortgage Licenses
And this is a good thing. This will weed out a lot of the people that don’t belong and the real estate agents who hold a license just to get a piece of our pay. I don’t mean to offend anyone but I work too hard for my money to have someone dipping in my pot. I don’t even have words to describe how hard the mortgage business is now and how much you need to know.
The closest I could come to explaining it is that if you took a loan, had 5 different underwriters all with over 20 years of experience look at the file, they could all find an additional piece of documentation that the others missed. That’s scary.
Aside from my negative comments above I think it is going to help make mortgage professionals better at what we do by educating us even more. I make mistakes day in and day out and learn something new each day.
Deanna Sabey, director of the Utah Division of Real Estate, said if Utah mortgage professionals fail to transition to a new federal Nationwide Mortgage Licensing System by May 31, they could lose their licenses. But so far, only 28% of the licensees have completed requirements.