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

Ask the Expert: Calling on accountants

Notify me of new replies via email
Mortgage Professional America | 09 Jun 2014, 07:53 AM Agree 0
Industry expert Dave Hershman talks about alternative referral sources
  • William Matz | | 10 Jun 2014, 03:59 PM Agree 0
    Dave and I had this discussion a few years ago. As a tax attorney, I advocate a much higher standard for originators. But every originator should have completed at least basic accounting and income tax classes. It's not that they are necessarily needed for doing mortgages [tho' it helps]. Rather the more financial education and training the originator has, the greater the capability to shown CPAs and other financial advisers the many other, untapped ways mortgage strategies can be integrated into financial planning. Some of the most common mistakes originators make is telling borrowers that all their mortgage interest is tax-deductible. Worse is a CMP graduate advertising that borrowers could deduct the accrued, but unpaid interest on neg ams. So originators should either upgrade their education and training to become true financial advisers or content themselves with being mere mortgage sales agents [very dangerous in states such as CA, that impose a fiduciary duty on brokers]. NAMB's CMC certification could be a path to this higher level, but only if CMC [or similar program] is widely embraced and recognized, such that it becomes like CPA, CLU, ChFC, SEC, etc. I am working on a program that might do that.
Post a reply