Detroit Real Estate

Michigan Mortgage Loan Officer Licensing.

As of April 1, 2009 all mortgage loan officers will have to be licensed.  We have to be fingerprinted, have to have a criminal background check done, and be tested on our knowledge of mortgage laws and information.  It will cost about $600 to have all of this done. The sad part is that there are still people exempt from this.  Bank loan officers don't have to be licensed.  I don't know if State Farm agents who do mortgages have to pass the same rigorous standards.  It is a shame that borrowers still don't have the full protection of a law that was meant to protect them.

I think it is a great step in the right direction as it will get rid of some of the people that preyed on the unsuspecting consumer.  Though I know people that have passed the test that are people I would get a mortgage from.  Some of them have no concern for the welfare of thier client.  They only care about how much they make from the borrower.  It is hard to say client in the same sentence with them.  They still take advantage of people. 

Another company I know is full of "advantage takers".  They are affiliated with a bank so the employees won't have to get licensed, fingerprinted, or take the test.  It is a shame because I know guys there that would bend people over.  To charge 4 or $5,000 in closing costs was nothing to them.  It is sad that they slipped through the cracks on Michigan mortgage licensing.

I hope in the future our legislators don't bow to the special interest groups and make bank and insurance industry employees get licensed.  Let them have a background check done, fingerprinting done, and testing done.  Let's protect the public fully. 

But this is a step in the right direction.  They have eliminated some of the dirt bags in the business.  Thank you who ever brought this together.  It is a good thing.  Thanks.