Bennefits of Today's Loan Officer

Posted Sep 22, 2009 @ 3:59 pm, Viewed by 222 Visitors, Read 225 Times.

It used to be anyone who wanted to could be a mortgage loan officer, and everyone was.  You didn’t need a background check, you didn’t need an individual license, or even to take continuing education classes.  Its funny how things change.  Today's loan officer is much more knowledgeable, and much more a consultant, or finical analyst than before.  Those who have made it through the rough times in the industry are now subject to background checks, must apply for individual licenses with states they choose to be licensed in, and are required to take continuing education classes every year, just to maintain their license.  Also, since we're all individually license, a bad loan officer can be reported, and it is public knowledge if someone reports wrong doing.  All of these regulations are in place to make sure borrowers are working only with the best loan officers out there.  We're a much more knowledgeable group now.  We're required to not only be experts in different mortgage loan programs, but new laws that have come into play, such as H.V.C.C. and HERA. 

The most interesting part of all of this is that it is only mortgage brokers, not lenders, who are subject to these requirements.  Many people like to work directly with lenders as opposed to brokers, however, the loan officer at your local lender retail office doesn't have to be as qualified as us brokers do.  Lender loan officers don't have to keep an individual license, and it would be up to the lender to require a background check, or require their employees to take continuing education classes. 

So when people say brokers are bad, keep in mind, brokers go through more education, and more scrutiny to do our job than most people realize.  We're more an asset to a borrower than anything else.

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joshp975

joshp975 I've lived in the DC metro area my entire life; growing up in Montgomery County Maryland and attending the University of Maryland.  I now live in Arlington, Virginia.  Living all around the DC area has given me a great understanding of the real estate market.  After graduating from the University of Maryland, I worked as a loan officer in Gaithersburg for three years.  I then opened my own mortgage brokerage company, which I ran and operated successfully for several years before agreeing to a buyout by my partner.  Now, I have found a home at Choice Finance where I am able to grow professionally and better serve my clients. My experience has helped me refine my business techniques and find my niche in the FHA Jumbo Market.  It has also enabled many clients to take advantage of this program, which in turn lowered intrest rates and saved them money.  My combination of experience and know-how has lead me to become a great resource for my clients and enabled them to achieve their dream of homeownership. Read More

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