Always interesting to see how the lobbyists play into this. Notice that this will apply to the independant loan originators not those that are an employee of a depository institution. Seems like the assumption is that the banks never made any bad loans and all their lo’s never steered a client into a loan not suited for them. Actually may be a good marketing idea.
Doug San Jose Home Loans
It is also amazing that loan officers and appraisers get all of the blame for bad mortgages, though a lot of the toxic debt is based on mortgage made on inflated values of properties…not inflated because the appraisers valued them high, but based on pushy real estate people, greedy sellers who are the real ones that helped push the prices up. Then, too, there were the greedy buyers who figured the values would go up forever, giving them a chance to make a killing when they resold. But, along with their greed came a lot of ignorance. But, the loan officers are being slammed with tons of new regulations, and few realize that they were a relatively small part of the problem. In terms of credit scores, the SAFE Act, a new national loan originator licensing law, requires loan originators to allow a pull of their credit report. And, depending upon some unknown, as of yet, standards, their credit could lose their license for them…as if a credit score is any indication of honesty or competence. This is the only profession subjected to this possible penalty.
Always interesting to see how the lobbyists play into this. Notice that this will apply to the independant loan originators not those that are an employee of a depository institution. Seems like the assumption is that the banks never made any bad loans and all their lo’s never steered a client into a loan not suited for them. Actually may be a good marketing idea.
Doug San Jose Home Loans
It is also amazing that loan officers and appraisers get all of the blame for bad mortgages, though a lot of the toxic debt is based on mortgage made on inflated values of properties…not inflated because the appraisers valued them high, but based on pushy real estate people, greedy sellers who are the real ones that helped push the prices up. Then, too, there were the greedy buyers who figured the values would go up forever, giving them a chance to make a killing when they resold. But, along with their greed came a lot of ignorance. But, the loan officers are being slammed with tons of new regulations, and few realize that they were a relatively small part of the problem. In terms of credit scores, the SAFE Act, a new national loan originator licensing law, requires loan originators to allow a pull of their credit report. And, depending upon some unknown, as of yet, standards, their credit could lose their license for them…as if a credit score is any indication of honesty or competence. This is the only profession subjected to this possible penalty.