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Old 07-31-2008, 07:44 PM
 
Location: Hernando County, FL
8,489 posts, read 17,423,552 times
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Quote:
Originally Posted by bentlebee View Post
I never thought the numbers could be so high!!!!

They should go after the people who give out these licenses, I bet there will be a huge lawsuit.
What would be the basis of the suit?
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Old 07-31-2008, 07:51 PM
 
Location: Cary, NC
1,036 posts, read 3,628,866 times
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There was a recent report in the Miami Hearld (http://www.miamiherald.com/static/multimedia/news/mortgage/originators.html/ - broken link) about this as well.

That is why I keep telling people to look up their loan officer on the state licensing websites. Florida has an online registry of licensed loan officers, as well as who has had their licensed, revoked, denied or suspended. Mortgage brokers in many states can have no financial crimes of any sort... felony, misdemenor or even civil judgments in many cases to obtain licensing. In many states (soon to be all with the new law this week) they are required to have credit checks, education and exams as well.

The requirements are a bit lax still.... but its a start. Unfortunately there are MANY loan officers that cirumvent the rules and simply work without a license or go to work at companies that are exempt (banks and credit unions). Companies hire them out of greed and few if any clients bother to ask if they are licensed or have any education or training. All the want to know is "what's your rate?".

Last edited by rcarrillo; 07-31-2008 at 08:12 PM.. Reason: wrong URL
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Old 07-31-2008, 07:56 PM
 
Location: Barrington
41,932 posts, read 31,752,284 times
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It sounds as though Florida may not have the resources to execute complete background checks on license applications. Please complain to your Govenor who will be in a better position to justify increasing your property or sales taxes or implement a personal income tax so that they can do a better job for the public good.

Here is his email address:

Charlie.Crist@MyFlorida.com
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Old 07-31-2008, 07:57 PM
 
Location: Cary, NC
1,036 posts, read 3,628,866 times
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Quote:
Originally Posted by bentlebee View Post
I never thought the numbers could be so high!!!!

They should go after the people who give out these licenses, I bet there will be a huge lawsuit.

Most aren't licensed.... and many companies were willing to hire unlicensed loan officers during the boom. All they needed was a "pipeline" of clients and the ability to sell and they could get a job. I saw plenty of unlicensed, uneducated loan officers jump into the industry.

Some places where I saw loan officers recruited from: Waffle House, Golden Corral, Domino's Pizza and of course car lots. Seriously, I saw many loan officers who were working part time at all these places and doing loans on the side.... with no license or training.
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Old 07-31-2008, 08:10 PM
 
25,351 posts, read 37,507,217 times
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Quote:
Originally Posted by Mike Peterson View Post
What legal questions do you ask when buying a home?
If the contract I'm about to sign is in my best interest (legally) and more....things you as a realtor can answer but can later make a statement that you aren't a lawyer. (now a days there are many addendums possible)
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Old 07-31-2008, 08:10 PM
 
Location: Cary, NC
1,036 posts, read 3,628,866 times
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Rakin: Yeah, I already commented in one of those about the multi-post. Although important, this same post is in quite a few threads and forums and is repetitive.


Middle-Aged Mom: They do screen backgrounds, both criminal and credit checks in Florida and many other states. No one with any financial crimes, misdemenor or even many civil judgments, are not supposed to get licenses.

The problem is that many loan officers work unlicensed... they do not need to be licensed to work at banks/credit unions (only in brokers, yet brokers take the blame more than anyone) and there are plenty of brokers that don't care and hire unlicensed loan officers. Always ask your loan officer if they are licensed and what education/training they have. The database for most states is online, so you can always check to make sure they are licensed.

Read more at the Miami Hearld Article.
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Old 07-31-2008, 08:15 PM
 
25,351 posts, read 37,507,217 times
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Quote:
Originally Posted by rcarrillo View Post
Rakin: Yeah, I already commented in one of those about the multi-post. Although important, this same post is in quite a few threads and forums and is repetitive.


Middle-Aged Mom: They do screen backgrounds, both criminal and credit checks in Florida and many other states. No one with any financial crimes, misdemenor or even many civil judgments, are not supposed to get licenses.

The problem is that many loan officers work unlicensed... they do not need to be licensed to work at banks/credit unions (only in brokers, yet brokers take the blame more than anyone) and there are plenty of brokers that don't care and hire unlicensed loan officers. Always ask your loan officer if they are licensed and what education/training they have. The database for most states is online, so you can always check to make sure they are licensed.

Read more at the Miami Hearld Article.
The clip shows clearly that people even filled out that they had a felony conviction and still got their license....what a mess, and how can we blame the clients who signed the mortgage papers....
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Old 07-31-2008, 08:15 PM
 
5,969 posts, read 7,424,284 times
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Quote:
Originally Posted by Mike Peterson View Post
That is such an ignorant statement. Do you mind explaining where you came up with your facts are are you just making them up?
Why the personal attacks? My facts are correct, an attorney is required to have an extensive higher education and a real estate agent does not, if you are in the industry then you know most are high school graduates that took a weekend course. I am sorry, but I think I will trust my legal questions and investment to a person that devoted years to studying the law.
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Old 07-31-2008, 08:18 PM
 
25,351 posts, read 37,507,217 times
Reputation: 13270
Yes I did put it up in several threads since it is IMO important that many people see this so they won't take a license for granted as being an item of good behavior...at least in the State of Florida and I hope if this can prevent 1 other person from happening the same as showed in the clip...than it is good for me, the more people are warned the better, the State should be ashamed of things like this, and I was lucky that the convicted felon I had as a realtor didn't get my money and similar do friends of mine think, would dealt with her.....I'm not the only person who was involved.
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Old 07-31-2008, 08:18 PM
 
Location: Cary, NC
1,036 posts, read 3,628,866 times
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Quote:
Originally Posted by bentlebee View Post
The clip shows clearly that people even filled out that they had a felony conviction and still got their license....what a mess, and how can we blame the clients who signed the mortgage papers....

It depends on the circumstances.... but yes, the regulations were too lax in many regards. Especially training and education.

Ummmm... because the clients signed the papers? Just because the person who prepared them was a criminal and possibly clueless it doesn't absolve the buyer of responsibility. You signed a contract to pay back a loan.... you can't really get out of it unless the person committed fraud or illegal acts on your particular case.

"I didn't know" does not get you out of a speeding ticket or a contract. Buyer beware and all that.... that is why I am constantly stating to ask the people you work with for information on their training, educations, licensing and if you feel the need, referrences. It won't clear you 100% from bad people, but its better than choosing a lender based on the answer to "whats your rate?".



And I agree with you that its an important topic, but its called spamming.... city-data might not take kindly to it
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