licensing laws: Loan Officers Need an Education - 02/16/10 07:15 PM
We all know that the lending industry is going through major changes.  The Federal government has stepped up and determined that states either have minimum licensing laws or create them for mortgage brokers.  If they don't, the Feds will step in for them.   This is known as the SAFE Mortgage License ACT.
The SAFE Act does several things as far as tightening up mortgage brokers and their interaction with the public.  In Hawaii this badly needed proposed licensing requirement for mortgage brokers includes education, testing and continuing education.  These requirements are already in place for real estate and insurance agents.  It … (59 comments)

licensing laws: Mortgage Loan Officer Licensing - 12/09/09 11:19 AM
New federal law requires states to have licensing laws for loan originators or they will fall under a HUD back-up system.  Hawaii introduced a new state law to take effect July 2010 (Senate Bill 1218, SD2, Act 32).  It exempts Bank employees but covers almost everyone else.  A nice thought but a long way from what is needed.
In my opinion anyone who originates a loan in the state of Hawaii should have to be licensed by the state; banks included. 
They should be required to complete an education process, pass a test and have continuing education requirements.   To have … (8 comments)

 
Randy Prothero, Hawaii REALTOR, (808) 384-5645 (Island Style Realty Inc.) Rainmaker large

Randy Prothero

Hawaii REALTOR, (808) 384-5645

Mililani, HI

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Island Style Realty Inc.

Address: 94-539 Puahi St., Waipahu, HI, 96797

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