I was just reading an article from the MAR ( Michigan Association of Realtors). The Stae of Michigan are requiring Loan Officers to be licensed. I think this is a good idea. Now i don't know how much education a Loan Officer has to have before getting licensed. I feel it may cut down on all the horror stories about mortgage fraud and schemes. There is a website www.michigan.gov where you can see whether or not if you loan officer is registered or not. Again, I don't the requirements or the amount of education that's required, perhaps a loan officer that's already registered could tell me that.
This can provide a peace of mind to people searching for mortgage. As well, it provides a peace of mind for realtors as well. Take a look at the website and see if your loan officer is registered and if not you want them to be. It didn't go into great details though this is something I feel would be a benefit to the real estate industry. Like I said before it could possibly cut down on the frauds and schemes that people have to be a victim to.
Realtors in the state of Michigan make sure you follow up on this. If you find new info. please let us know or talk to your loan officer about it.