Survivor – 2010
Survivor 2010 – Mortgage – OutSell, OutService, OutPerform
For those mortgage professionals who have survived the past 24 months of change, challenge, hardship and growth, we could easily script our own Survivor reality show. As we enter a new year, we have great hope that all of the changes we have endured in our profession will prove beneficial to both the consumer and to our profession.
I welcome the new licensing and education standards imposed on us by the Housing and Economic Recovery Act of this current administration. The Act requires that every Loan Officer complete a 20-hour pre-licensing course, maintain 8 hours annually of continuing education and satisfactorily pass both a State exam and a Federal exam. Additionally, an FBI background check is required along with proof of financial responsibility through the review of a current personal credit report.
Having spent almost 18 years in this profession, I can tell you that the educational piece of this legislation is thorough and challenging and will certainly weed out some folks in our profession. The FBI background check is absolutely necessary and we can only hope that the appropriate enforcement of this requirement follows.
The real question is why this legislation is not applied fairly. Oddly, Loan Officers who are employed by a bank are exempt from licensing. They are not required to complete the educational courses nor do they have to complete continuing education classes nor pass state and federal exams to originate mortgages in Georgia. Assuming the legislation is intended to weed out the “unprofessional” elements of our industry, what will prevent them from simply going to work for a bank where there are no such licensing requirements? Why are non-exempt Loan Officers forced to spend much of 4th quarter 2009 complying with these requirements while the “exempt” mortgage professionals have no disruption to their professional lives.
Having now completed all of the legislative requirements, I can proudly say that I will soon be receiving my license and that means something. I am now accountable to myself, my company, the state of Georgia and the Nationwide Mortgage Licensing System and Registry to conduct business in a very professional manner or face losing my license/career.
Some things have been tough in our industry the past two years but I am proud and happy that we are moving forward in a way that requires more accountability from me and my peers – my only wish is that this legislation were applied fairly. In the meantime, I hope that Realtors, Builders, Developers and consumers will look for the “Licensed Mortgage Loan Originator” license from the professionals with whom they choose to do business.
Happy 2010!
Carol Donnelly
Phone: 404.434.6187
Fax: 678.505.4122
cdonnelly@primarycapital.com
