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.