Comments on: Mortgage Brokers Get Criminal Background Checks

By: Anonymous

Anonymous — Sat, 31 Jul 2010 02:08:00 +0000

rainmand,rnrnYou clearly have a limited circle of originators with whom you are acquainted. There are thousands of CFL originators in the state. I know some who are employed in branches which are dual licensed. While I am a California real estate broker, I am close to several owners of CFL licensed mortgage lending entities who are also real estate brokers.

By: The_Cynic

The_Cynic — Sat, 31 Jul 2010 00:08:49 +0000

rainmand,

You clearly have a limited circle of originators with whom you are acquainted. There are thousands of CFL originators in the state. I know some who are employed in branches which are dual licensed. While I am a California real estate broker, I am close to several owners of CFL licensed mortgage lending entities who are also real estate brokers.

By: rainmand

rainmand — Fri, 30 Jul 2010 01:05:03 +0000

>>California, along with about a third of U.S. states, previously didn’t require mortgage sellers to have individual licenses.

That statement isn't entirely true. Many of us in California are licensed via the Department of Real Estate. Testing, fingerprints, and a background check are required prior to being issued a license.

However, some Loan Officers fall under the Department of Corporations, and their companies originate via the Consumer Finance Lending structure, and those Originators aren't subject to the testing, fingerprints or background investigation.

I don't know the split, but 98% of the Originators I know in California are DRE licensed.

By: The_Cynic

The_Cynic — Thu, 29 Jul 2010 19:52:30 +0000

Louise321,

As if anyone in this thread could know that answer!!!! What I read is a lot of empty claims about the infallibility and superiority of bank employees — full of nothing but smoke and mirrors.

By: The_Cynic

The_Cynic — Thu, 29 Jul 2010 19:47:47 +0000

Rm,

“Let's not forget….” I have been never employed by any bank and I certainly am not as familiar with the hiring practices of all banks as you make yourself out to be.

Since you make this claim, please provide the evidence. You assume and present your assumptions as facts. “Let's not forget” the difference between biased opinions and facts.

By: Charles McKain

Charles McKain — Thu, 29 Jul 2010 16:10:39 +0000

It is truly pathetic that Bloomberg is allowed to publish an article with so much misinformation
To address the Banks and other institutions, the Federal Register final rules appears to state that the MLO with these institutions must meet all of the requirements of the registration process. In other words no free ride.

By: Louise321

Louise321 — Thu, 29 Jul 2010 15:22:49 +0000

Hey Samchrome! I am interested to know if all those “liar” loans that Countrywide and WaMu did were wholesale loans. A good portion of them had to be retail, right? Wouldn't it be helpful for loan officers with retail units of major banks to get the education and testing required for the little guys as well as the criminal background checks? Wouldn't it be helpful if retail loan officers for nationally chartered banks were required to learn and follow state laws such as providing counseling checklists and state mandated warnings to potential borrowers as required in CA?

Because so little is required of financial institution loan officers, I would say it may be a step in the right direction, but it is decidely a baby step, miniscule, almost unnoticable in the greater scope of things. I mean, surely the national banks already require criminal background checks on their employees. Right?

By: Rm

Rm — Thu, 29 Jul 2010 13:02:51 +0000

Let's not forget that employees of banks generally go through a very thorough review process before they are hired. If very specific requirements aren't met, they aren't hired.