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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.
Wow, thanks for warning me..I never would have thought it could happen and hope something will be done about this.
I'm not a lawyer but I could think that if I was in financial problems because of wrong advise from a person who I trusted and was licensed by the State and this State doesn't allow convicted felons to be mortgage brokers...which did have licenses....I guess some lawyers are waiting to go after the State for this.....I hear on tv about ridiculous law suits even one for sitting in a movie theater and listening to adds that were too long, well IMO this is worth a law suit....I'm not a financial victim but emotionally I was or am since I have to face this realtor day in and out.....just like others in my neighborhood who are waiting for this person to be gone....but if you are losing your home because some felon gave you wrong info just to scam you, and have you sign papers under the so called "best advise and in your best interest"...well I guess some lawyers will have a field trip!
The mortgage industry is not the only place where fraud/theft/lying happens. It happens in retail, gas, IT, etc. Today I just read an article about someone rigging a gas pump and stealing 5K worth of gas. There are some people who are criminals, it's not because of the mortgage industry. I think there is just so much focus on it now that the news will have a field days with it. And we know w/ the news, whatever is a hot topic, they will run and find stories about it and air them.
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.
Thanks you so much, I hope I will get a response, the local rep for the State never returned my voice mail and I left voicemails on different numbers without even mentioning more than real estate.
IMO it is bad for all the good professionals to get looked at their license as being worth nothing and if I was a professional I would do more against this in this Sunshine State.
The mortgage industry is not the only place where fraud/theft/lying happens. It happens in retail, gas, IT, etc. Today I just read an article about someone rigging a gas pump and stealing 5K worth of gas. There are some people who are criminals, it's not because of the mortgage industry. I think there is just so much focus on it now that the news will have a field days with it. And we know w/ the news, whatever is a hot topic, they will run and find stories about it and air them.
I understand that and many of the homeless in Florida and California are sex offenders...this was more than once on the news. They like Florida and Cali because of the nice weather...and more
The difference is that in retail and at the gas pump you won't spend $ 100K or more and they aren't giving you crucial advise which can set your financial world upside down. Also felons need a chance to get an income some where but IMO not in the profession that is costing people their houses and/or can cost people to go bankrupt. People trust their lawmakers to make sure things like this can't happen and this should be a warning for others to check who you get into your house as well for the pro's who they are dealing with. What is a license worth these days...IMO 0% if the licensing board is giving it without background checks as they are saying they are doing.
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
A speeding ticket is your own fault if you get one.
But if you pay for advise and another person get paid (commission) for selling you the contract which a mortgage is IMO, shouldn't the standards not be very high since many people have a hard time understanding it in the first place.
I understand you have to do some due dilligence but the wording is for most people who didn't study this field, very hard to understand and a license should mean that the person can be trusted more than unlicensend people.
I don't even get to the part of being advised for what product...IMO the convicted person who gets in this field isn't working there to look after the best interest but is there to scam the people and I guess this had happened, like it could have happened to me with my felon realtor, but luckily we and another family who she knew, we both were too smart not to fall for her scam...but we don't know about others. These felons are not there to really help the clinets as the not felons are and some of them have proven not to do the best job and some already have been the subject of investigation (as we have been reading the last few weeks).
I don't even get to the part of being advised for what product...IMO the convicted person who gets in this field isn't working there to look after the best interest but is there to scam the people and I guess this had happened, like it could have happened to me with my felon realtor, but luckily we and another family who she knew, we both were too smart not to fall for her scam...but we don't know about others. These felons are not there to really help the clinets as the not felons are and some of them have proven not to do the best job and some already have been the subject of investigation (as we have been reading the last few weeks).
I'm not completely following all your posts. The original link is about mortgage brokers right? So what does that have to do w/ real estate agents? Why are you connecting the two fields?
I'm sorry for whatever happened to you. Could you explain exactly what happened to you that you are so upset? What did this realtor felon exactly do. I understand he shouldnt have been given a license but did he do to other people?
Most real estate agents are high school graduates at best so if they lose their license they could always go work in something else, and they would not lose a thing.
What?!!!? That is an ignorant statement if I've ever seen one. Most of the Realtors I know have college degrees, albeit in a different field. Many, especially the top producers, were successful managers or business owners that transitioned into real estate.
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, well IMO this is worth a law suit....I'm not a financial victim but emotionally I was or am since I have to face this realtor day in and out.....just like others in my neighborhood who are waiting for this person to be gone....but if you are losing your home because some felon gave you wrong info just to scam you, and have you sign papers under the so called "best advise and in your best interest"...well I guess some lawyers will have a field trip!
