The proposed "Secure and Fair Enforcement in Mortgage Licensing Act", aka SAFE, would establish national licensing standards for mortgage brokers and loan officers. In California (not sure about how other states handle lending practices), there is no current licensing requirement for loan officers. The loan officer that I normally refer my clients to, Marlena Olson, actually does have a Real Estate license issued by the California Department of Real Estate...however she is the exception to the rule...
I think this legislation is long overdue. It will ensure that all mortgage professionals are trained in legal aspects of lending, ethics, and consumer protection. In addition, I think it will separate true professionals from the folks who looked to make a quick buck in the industry.
Part of the licensing requirements will include classroom study, DOJ background check, and passing a written exam.
I like it. There are many loan officers out there that really have no clue what they are doing. To read more regarding this proposed legislation, click here.
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