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COO ordered to resign from NewDay Financial

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Mortgage Professional America | 14 Apr 2015, 03:34 AM Agree 0
The lender, which is already in trouble with the CFPB over its business practices, has agreed to pay nearly $5.3 million over allegations it let employees cheat on mortgage originator license testing.
  • C M P | | 14 Apr 2015, 09:08 AM Agree 0
    Well the CFPB should get busy then, cause' many "MLO's" cheat on their licensing or don't meet the required licensing test hours necessary to really be a MLO. Such as many in Western NY MLO's...a group goes into a "classroom" sit there for a little less than 4 hours, put their "Time in" (the room) and the entity offering the "testing" makes (false) statement that you (the MLO) was in the room for 11 hrs, etc and now meet MLO Lic. requirements. I for one who pay a lot of money for testing and spend hours meeting the actual requirements for licensing is sick of this scenario of those who "skirt the system."

    So I guess we need to do what should have been done years ago, lets got back to the SAFE Act and make some changes to the small stuff instead of changing over and over again what doesn't need to be fixed, "over improved upon" over thought, etc...There should be per state only a small amount of education centers that meet the CFPB requirement to MLO testing. It's a free for all out there.

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