Did you know thaqt mortgage lenders are not even licensed?

http://news.yahoo.com/s/ap/20071115/ap_o...





Amazing. I need to license or certification for just about anything I need to do. But if I were a lender of money, I can do as I wish?





c.f. : Jesus and the pharisees

Did you know thaqt mortgage lenders are not even licensed?
Not totally true, some state DO require licensing.
Reply:Gregorio hit it right on the head.





Alot of people are quick to blame the lenders, but the people that got into these loans signed on the dotted line. They wanted the big house and had no hope of affording it, but went forward anyway thinking that everything was going to be OK. Because someone trying to sell you something tells you that you can afford it, does that mean you don't look at your budget and figure out if you can? With that sort of Pollyanna thinking, these same people have either lost or are going to lose their home.





Even in a changing marketplace, I know I could go to a lender and get pre-qualified for way more house than I can comfortably afford. Will I go out and buy that big house? NO. Would someone else? Maybe.
Reply:When you work for a lender/bank, you individually don't have to be licensed but the business have to. When you work for a broker only, you individually have to be licensed.
Reply:Actually many state require licensing unless you work for a Federally Chartered Bank as the Charter supercedes any state licensing requirements. To work for a bank however you need to pass a background investigation which means if you couldn't pass it to get a state license, you won't be working for a bank.
Reply:First of all, Barney Frank does not have a clue. All mortgage brokers have to be licensed, not all loan officers have to be licensed. Loan officers that work for corporations in some areas do not have to be licensed, but ... this is all a diversion. Unlicensed loan officers did not bring the real estate market to it's knees. It's all a blame game and they are trying to find a scapegoat instead of addressing the real issues. Were some loan officers greedy? Sure! Were the big lenders like Countrywide more greedy? Absolutely. Joe unlicensed loan officer that barely did 6 loans a year did not fund billions of dollars in subprime mortgages. A loan officer can't say yes or no, it has to go through underwriting. Someone up the food chain funded these.





Also, the consumer has to bear the brunt of the blame. They knew they could not afford these houses but they were convinced they could have it now and pay later. Reputable brokers lost business refusing to place people in mortgages they could not afford, but consumers could go down the street and get it eslewhere, and they did. Let's place blame where it belongs and not at the bottom of the food chain.





No one blames the car salesman when GM loses money. You don't blame the guy at ARCO when gas prices rise. The loan officer has nothing to do with what is going on in the market ... that's just smoke and mirrors.