During all of that time I never got any of the industry credentials. I knew a lot of people that had them. A lot of them were the lower producing reps in the industry. They thought that they had to have the alphabet behind their name to give themselves the confidence to go make a sale. After all, this is a business and businesses survive on sales. Don’t get me wrong, there is great information in the course work needed to get some of the credentials. At the same time there are credentials popping up just to make someone money selling them.

I gave up my securities license last year in order to get into the RM business. I met with too many people who had older relatives in financial straits that I could not help with traditional financial tools and suggesting that they look into a reverse mortgage didn’t get them there. These people need guidance to get what will actually change their lives.

What shocked me about this industry is the lack of regulatory consistency across the nation. I live in Ohio and this is a state that regulates every industry to protect consumers, from massage to mortgage. If you are going to be a loan officer working with a mortgage broker you must attend 24 hours of classroom instruction followed by an exam. This is not a cake walk exam like some I’ve seen on the insurance side.

Some former colleagues of mine contacted me about getting in the business with me. I said sure, let me check requirements in your state. They live in Arizona and I was shocked to find out that there are NO requirements. Just send in the employment papers to the broker and they are in business.

It seems to me that instead of focusing on a third party certificate the states should be looking at some standardization of qualifications to get in this business. Ohio also requires annual CE in order to maintain your license, plus the $100 license fee.

There are people who finish at the bottom of the class in school and still are drs and attys etc. misrepreprsenting people all their life. Lots of business school grads don’t know how to make money.

The insurance business requires a difficult test and I’ve met a lot of morons in the business.

If there will be some really good information, it would be worthwhile. I don’t see any deception available if the people are independently counseled.

Today’s special is the Reverse Mortgage Master of Self Proclaimed Knowledge designation. It includes a certificate and wallet size identification card stating that the bearer is entitled to unlimited misplaced respect. The fee is $11 plus shipping and handling. No education or common sense is required to qualify (I say qualify to heighten the importance of this meaningless distinction in order to increase the cost to you. After all, if you knew anyone could get one would you pay me eleven bucks?) If you’re a little short on money $15 a file will do. I know that $15 a file is more than $11 but some of our designees never close a loan anyway so who really cars. If you act now I’ll include a lapel badge displaying the bust of a bald eagle surrounded by the words Reverse Mortgage Master. What an impressive figure you’ll strike. Dazzle those seniors as they lean toward you, squint then look up and say, “Oh, you must be from the Government and you’ve come to save me”. Think of the stories you’ll be able to make up and then tell over and over again proclaiming your prowess with 78 year-old ladies with bad vision and no one to talk to. You’ll be the envy of every bar room buddy and social misfit you’ve ever had.

We’re a very respected company that first created the word Senior and when added to the rather pedestrian “Loan Officer” created a false sense of experience that has led more borrowers down the wrong path than the Judas goat. We’re also are the company that added the word “officer” in order to convey a subliminal image of someone in charge, a leader and someone that should be looked upon with respect and admiration. Yes, that’s us. We are the master’s of deception, fraud, misplaced respect and the creators of the great equalizer for the uneducated, the Professional Designation. We make a nobody into a somebody for only $11. But remember, without you, we couldn’t make this deception and fraud a reality. Without you, our Professional members, (we’re all members of something right?) how could we carry this deception forward? Without you wearing our meaningless (to everyone other than you) designation how could we create such an false illusion of competency? Remember we specialize in making those without any skills or training appear to be a Master of the Universe but without your continued participation in the fraud it just wouldn’t work. And work it does. As you can see by adding two words “Senior” and “Officer” we have been able to elevate even the lowest of the low, the mere neophyte in his first day on the job into someone that towers above all others in terms of self-proclaimed experience (Senior) and leadership (Officer). You may also know us as the company that will bestow the word “Professional” upon anyone at any time for a small fee. We’re proud to say we don’t care if you went to Yale or Jail we having a Professional (capitalized to express importance) designation for you.

Had enough yet? We’ll it Friday and I thought perhaps I’d give you all something to laugh a little about. Professional designations bestowed by trade associations are nothing more than big belt buckles. It’s big, it’s shinny, it looks important but if it was so important why does every jack off in the room have one. Let’s face it these designations are nothing more than seflegrandizing masturbation designed to tell the losers that have them that they’re winners. And for $11 I can make you a winner. Act now! That’s right, send me a check. For less than a 12 pack you can roam the earth as only a man god should but first you’ll need a Professional Designation, a pocket size ID card and lapel pin. If you don’t know what a lapel is that’s OK. The pin can be used as an earring or a nipple piercing. Act now and we’ll even include a secret decoder ring.

One question that didn’t get answered: Is NRMLA lobbying the states to make this designation recognized as a standard so that when there is a problem with originators, they are self-policed rather than all originators suffering legislative backlash?

Incidentally, I also support NRMLA’s goals, even though I sometimes disagree with the views espoused.