Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Originators fear personal financial history could come back to haunt them

Notify me of new replies via email
Mortgage Professional America | 06 Aug 2013, 06:24 AM Agree 0
Loan officers face a growing fear that they could lose their state licenses over their personal financial histories, an industry leader has claimed
  • Patty | | 06 Aug 2013, 09:23 AM Agree 0
    I think this is rediculous. Everyone of all industries, backgrounds and educations have had people who took substantial losses from the real estate crash. Why would a mortgage officer have to be held to different criteria to do a job. Many government employees have had setbacks and they can keep their jobs. This would only cause further hardships for all including the economy because without available employment there will be more losses! This needs to be reconsidered.
  • Jennifer Durham | | 06 Aug 2013, 09:29 AM Agree 0
    State licensing is a real treat these days. I had to pay a collection account for $34.00 (State of GA), to get my company licensed in GA. It would not have bothered me, but it was a doctor bill that had been paid and I was told not to pay it to the collector in dealing with false collections. But my company needed my licensing process completed and I had to pay the bill for GA.
  • Jamie Pullman | | 06 Aug 2013, 09:33 AM Agree 0
    So, what's the truth?
  • Gordon Schlicke | | 06 Aug 2013, 10:19 AM Agree 0
    If this happened to you make your appeals directly to your state regulator, avoid the court system. It's too long a reach.
  • J.D. | | 06 Aug 2013, 11:01 AM Agree 0
    Of course that is true. But don't look for any one in State Government to give a hoot. They want to kick every mortgage officer out of the industry that they can. Then come election time, they can crow to the public about how they got tough on the "bad guys". Good luck getting anyone to care about the fate of mortgage officers.
  • RW | | 06 Aug 2013, 12:08 PM Agree 0
    This action seems to be unconstitutional or at least against your civil rights.
  • George M | | 07 Aug 2013, 06:21 AM Agree 0
    I don't understand what my financial past has to do with my ability to originate. If this is enforced I'd like to know how many others in the banking industry and our legislators have low FICO score or financial hardship. They shouild not discriminate with my ability to make an honest living. They need to apply this to everyone and not discriminate. Just another way to eliminate us. Could be a good legal case and law suit on or part.
  • Julie | | 07 Aug 2013, 12:36 PM Agree 0
    This is BS. I've been a single woman, whose youngest son recently left the nest. I've been supporting myself for over 12 years. Not only that but through this crisis I went through breast cancer (chemo, radiation & then some).
    It was personally devastating to file Chapter 13 Bankruptcy JUST to keep my house. Anyone in this industry that did not suffer a financial setback most likely had a spouse in a different field and was not the sole wage earner!
  • Dan | | 08 Aug 2013, 07:32 AM Agree 0
    I started originating in 1982 and after years of seeing bad credit reports belonging to cops, attorney and other business leaders my over 700 FICO took a major hit because of the economy. No one took the cops shield away nor did anyone lose their license or livelihood because of their credit history, but I could not continue as a mortgage officer without a better credit report. Pay the fees for finger printing, credit report and testing and be denied your license. It's quite evident we were chosen as the scapegoat for the acts of others.
  • RC | | 09 Aug 2013, 04:43 AM Agree 0
    I too have had the set backs that came with the down turn and in our industry anyone who can keep a good credit score should be applauded. We as a group are mostly paid commission or a very low draw which is collected against commissions earned when you close but the up's and down's of this business over the 18 years of doing it has seen my credit rise and fall as well. Working for large banks and medium to small lenders I have always strived to offer the best product available to each and every client who applies. So to face the loss of ability to earn a living is a travesty to each and everyone of us.
Post a reply