Mortgage Lenders required to be licensed

By
Real Estate Agent with Keller Williams Realty

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.

Just FYI

Posted by

Jimmie Graham

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Rainmaker
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Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
734-578-6561 - Michigan Real Estate Agent

Jimmy

I think it is a good thing also.  I have heard that the number of loan officers we have in Michigan went way down due to this licensing.

 

Bob

 

Apr 28, 2009 03:43 PM #1
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Does this include all loan officers or just brokers???

I can't find it on the link.

 

Apr 28, 2009 03:43 PM #2
Rainmaker
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Tony Toto
Freelance Writer & Photographer - Travel - Kenosha, WI
The Walking Traveler

It is an excellent idea!  I was required to be licensed in IL when I used to originate mortgages.

Apr 28, 2009 05:00 PM #3
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Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Realtor - Ann Arbor Real Estate

I am so thankful they are finally doing this. I know many that have taken the test and passed. All I can say is it is about time they have to do this.

Apr 28, 2009 07:41 PM #4
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Jimmie Graham
Keller Williams Realty - Ypsilanti, MI

Hey Lenn,

 

I believe it is Brokers and Officers. They are also requiring Mortgage Companies as well.  I'm reading more about it. So  I will provide more details when it becomes a lot clearer to understand.

Apr 29, 2009 11:06 AM #5
Rainmaker
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Shannon Lefevre
John R. Wood Properties - Naples, FL
Shannon Lefevre, PA Your Naples Smart Girl

I hope Florida follows suit! That can't be anything but great news for you! :)

Apr 29, 2009 07:53 PM #6
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Regina P. Brown
California Coast & Country Homes, Inc. - San Luis Obispo, CA
e-Pro Realtor

Jimmy, it's long overdue!  I hope they do something organized like the Realtors.

May 14, 2009 09:43 PM #7
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Jimmie Graham

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