Originators fear personal financial history could come back to haunt them

by Diana Aqra06 Aug 2013

Loan officers face a growing fear that they could lose their state licenses over their personal financial histories, an industry leader has claimed.

Stricter enforcements on the state and federal level could preclude some originators from applying for a license, or force others to relinquish theirs, according to Marc Manieri The Rainmaker Method. Manieri, a veteran loan originator and now a sales coach for the industry, said that many loan originators suffered personal setbacks through the financial crisis. Today, those issues can cause originators to lose their state license or prevent them from obtaining a new one, he said.

For most people in the mortgage industry, “this is the only business they know,” Manieri said.

Manieri claimed he currently coaches top originators who wish to return to the industry, but fear they would not be able to obtain an origination license due to a past foreclosure or bankruptcy.

COMMENTS

  • by Patty | 8/6/2013 9:23:30 AM

    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.

  • by Jennifer Durham | 8/6/2013 9:29:54 AM

    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.

  • by Jamie Pullman | 8/6/2013 9:33:50 AM

    So, what's the truth?

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