{"id":1258,"date":"2007-04-03T08:43:55","date_gmt":"2007-04-03T15:43:55","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=1258"},"modified":"2007-04-03T08:43:55","modified_gmt":"2007-04-03T15:43:55","slug":"making-a-case-for-national-mortgage-lending-standards","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1258\/making-a-case-for-national-mortgage-lending-standards\/","title":{"rendered":"Making A Case For National Mortgage Lending Standards"},"content":{"rendered":"<p>I live in Illinois and hang my mortgage license in Illinois. The licensing process was not simple.<\/p>\n<p>I have family in Ohio and want to be actively licensed to lend in Ohio. The licensing process is even harder.<\/p>\n<p>I have spent more than 100 hours (yes, I&#8217;ve clocked it) trying to <em>prepare <\/em>my application for the state of Ohio. To be fair, though, the 100 hours includes 24 hours of introductory training that I was required to take within the Ohio state lines on the basics of mortgages and mortgage lending. <\/p>\n<p>I like the training aspect of licensing, but by &#8220;professor&#8221; had 20+ years of experience and &#8212; aside from using a slide rule to calculate payments &#8212; was flat-out incorrect on most mortgage facts. For example, Jumbo Loans are not more expensive because they&#8217;re more risky; they&#8217;re more expensive because the cost of securitization is spread across a smaller pool of loans. The brand-new loan officers in the room had no idea they were being fed misinformation.<\/p>\n<p>But all of that aside&#8230;<\/p>\n<p>In order to be licensed as a mortgage broker in Ohio, I need to do the following:<\/p>\n<ul>\n<li>Register Mobium Mortgage as a business in Ohio<\/li>\n<li>Register Mobium Mortgage&#8217;s main office in Chicago with the state of Ohio<\/li>\n<li>Lease physical space for and then register that as the Mobium Mortgage branch office that will be located in Ohio<\/li>\n<li>Register myself as a loan officer<\/li>\n<\/ul>\n<p>On the surface, not so bad. But, looking deeper at the requirements, you see these steps:<\/p>\n<ul>\n<li>State police background check for all officers, the operations manager, and loan officers wishing to be licensed<\/li>\n<li>FBI fingerprinting for all officers, the operations manager, and loan officers wishing to be licensed<\/li>\n<li>24-hour in-state training for the operation manager and all loan officers wishing to be licensed<\/li>\n<li>Provide W-2 statements dating back 10 years for the operation manager<\/li>\n<li>Open and maintain a checking account in the state of Ohio for paying third-party costs (i.e. appraisal) that does not earn interest<\/li>\n<li>Maintain all financial records on-site in the Ohio branch office<\/li>\n<\/ul>\n<p>You read the list and it looks fine, but then you contrast it to New York, Pennsylvania, California, Texas and other states and you wonder: <a href=\"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1258\/making-a-case-for-national-mortgage-lending-standards\/#more-1258\" class=\"more-link\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I live in Illinois and hang my mortgage license in Illinois. The licensing process was not simple. I have family in Ohio and want to be actively licensed to lend in Ohio. The licensing process is even harder. I have spent more than 100 hours (yes, I&#8217;ve clocked it) trying to prepare my application for [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-1258","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1964,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1964\/can-the-nar-improve-a-buyers-financing-experience\/","url_meta":{"origin":1258,"position":0},"title":"Can the NAR Improve a Buyer&#8217;s Financing Experience?","author":"Brian Brady","date":"September 23, 2007","format":false,"excerpt":"Realtors have to stop complaining about the sorry status of the lending industry. Why? They have the power to make a difference but refuse to take action. I have often heard the Realtors' cry for licensing of loan originators and a plea for lending advisers to adopt a fiduciary capacity\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2103,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2103\/hr-3915-mortgage-reform-and-anti-predatory-lending-act-of-2007\/","url_meta":{"origin":1258,"position":1},"title":"HR 3915: Mortgage Reform and Anti-Predatory Lending Act of 2007","author":"Brian Brady","date":"October 25, 2007","format":false,"excerpt":"Congressman Banker...err...Barney Frank co-authored legislation to \"reform\" the mortgage business on Monday.\u00a0 You can view the 66-page text here. Bullet Points of the bill include: 1- Prohibition of \"yield spread premium\" as compensation to originators. 2- Mandatory licensing of mortgage originators by a Federal registry or state regulator.\u00a0 This Bill\u2026","rel":"","context":"In &quot;Real Estate&quot;","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":967,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/967\/a-selfish-case-for-national-originator-licensing\/","url_meta":{"origin":1258,"position":2},"title":"A Selfish Case for National Originator Licensing","author":"Brian Brady","date":"January 29, 2007","format":false,"excerpt":"There is a movement to create a national licensing platform for loan originators similar to the one the National Association of Securities Dealers (NASD) requires for registered representatives. Supporters of this movement claim that originators must be licensed because the quality of advice given to the consumer is woefully inadequate.\u2026","rel":"","context":"In &quot;Real Estate&quot;","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2200,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2200\/hr-3915-open-letter-to-senator-dodd-from-a-veteran-mortgage-originator\/","url_meta":{"origin":1258,"position":3},"title":"HR 3915:  Open Letter to Senator Dodd from a Veteran Mortgage Originator","author":"Brian Brady","date":"November 10, 2007","format":false,"excerpt":"The Hon. Senator Christopher Dodd Chairman- US Senate Committee on Banking, Housing, and Urban Affairs 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Dodd: Soon, HR 3915 will be endorsed by the House of Representatives and most likely referred to the Senate. The committee you chair, will have\u2026","rel":"","context":"In &quot;Enduring Interest&quot;","block_context":{"text":"Enduring Interest","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/enduring-interest\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2217,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2217\/hr-3915-why-federally-chartered-banks-get-the-pass\/","url_meta":{"origin":1258,"position":4},"title":"HR 3915:  Why Federally-Chartered Banks Get The Pass","author":"Brian Brady","date":"November 13, 2007","format":false,"excerpt":"Big banks have a HUGE advantage over mortgage brokerage firms; they have the money. Federally-chartered banks also are regulated differently than mortgage brokers; they are overseen by the Office of Thrift Supervision, a successor regulator to the Federal Home Loan Bank Board. Federally-chartered banks also subscribe to FDIC insurance which\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2716,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2716\/zillow-mortgage-zoriginators-delight-or-bane\/","url_meta":{"origin":1258,"position":5},"title":"Zillow Mortgage:  Zoriginators&#8217; Delight or Bane?","author":"Brian Brady","date":"March 7, 2008","format":false,"excerpt":"Greg Swann covered the big Zillow Mortgage announcement so I won't regurgitate the details here.\u00a0 I will weigh in my opinion and speculate about the consumer offering. I share Greg's enthusiasm for an independent originator database.\u00a0 The industry can't get it together and the Federal government may be violating the\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=1258"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1258\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=1258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=1258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=1258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}