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Mortgage licensing...

dimbee

By dimbee,
in Huddle Lounge

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dimbee Newbie

dimbee

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Is a serious pain in the ass! I'm taking the National licensing test this week, and taking the tests for the 15 states I'll be licensed in over the coming 2 months... holy sheez, the disparity from one state to another as far as their testing goes is ridiculous!

Granted, it's great that there will be an inordinately greater amount of regulation in the industry, come 2010, which is a good thing for all- no more absolute horseshit "Good Faith Estimates" that lure a borrower into doing a loan only to get screwed at closing, but still it's hard to sell loans when I'm doing 40 hours of continued education for each state I'm getting licensed!

It's going to be a couple of bare bones months until year-end... thankfully, November and December typically are. Just going to be tight!

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dimbee Newbie

dimbee

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Holy CRAP! Day 1 is done, and let me tell you, there is going to be a serious thinning of the herd come Jan. 1, 2010. Without going into details, let me tell y'all that Mortgage Broker shops will soon be a thing of the past- they're done. Won't be able to make a living, which is sad for those who are in that role currently, but they simply won't be able to compete after the new year when a borrower looks at their numbers compared to a bank's numbers (closing costs and fees). I'm just doing the Federal (US gov't) licensing right now, and it's fuggen ridiculous. The company I work for has 2 offices- 1 here, and 1 in Irvine, CA. The folks in Irvine took their tests last week- 60% failed the test. It is arduous and more than ridiculous. I am telling you all right now- mortgage brokers are a thing of the past come 2010. That's not necessarily a good or bad thing, because there are plenty of shops who do business the right way. However, the real premise of how they make money on selling a loan is DONE. The new Federal licensing regulations are so in-depth and comprehensive, it's mind boggling. There are 6 different versions of the test, with very different wording for the questions asked. Also, the questions asked have very little to do with the actual sale of the loan. When I'm selling a loan, RESPA, ECOA, TILA, HMDA, etc. have absolutely nothing to do with getting a borrower to commit. No longer. I'm beyond being apprehensive and now am to the point of scared about how I am going to do my job. This has absolutely nothing to do with me not adhering to those Federal standards, whatsoever, let me be clear. I, thankfully, work for a company that has completely removed any potential to be unscrupulous, for which I am most thankful because I sleep soundly every night. Regardless, the Federal regulations that will take effect Jan. 1, 2010 (of which my company is already adhering to- to my knowledge the only major lender doing so), is going to take refinancing a mortgage from a 15-21 day process to a 45-60 day process.

My initial feeling is that this will not be good. Not necessarily so much to me, but more so to the borrower. When you drag the process out that long, the change in interest rates can be minimal, but more often they are quite dramatic. 45 days later, an interest rate's pricing can swing dramatically.

I am NOT a fan of this.

I am having to go through this enormous amount of "education" for which I feel the borrower is going to be the one that loses. I can sell a good loan all day long, but when an interest rate can and does change as much it as does and will in the amount of time the Fed's are going to require 01/2010, it makes me apprehensive of being in this industry. That is a scary thought.

fug me.

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Cat Newbie

Cat

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good luck.

I'm sure it is as boring as the seminar on liens that I took a while back. God how boring of a job could i have?! When i was a little girl i wanted to be a dancer why didn't i go that route?! no money but hella more fun

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dimbee Newbie

dimbee

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Education is done and I've fought a headache the last 2 nights. I feel like a sponge that's absorbed as much as it can and all of the extra liquid/education is just making more liquid/education drip out the other side. Studying this weekend, testing Tuesday AM

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