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velecico
4207 Posts |
 Posted - 05/02/2008 : 2:15:10 PM
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I dont see why banks dont make a minimum age requirement for LOs , I heard its common for Wall st firms not to hire brokers under 30 , why not LOs ? I dont see how you could trust your most important investment to someone who has no life experience and is barely out of high school |
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Scrooge McDuck
9790 Posts |
Posted - 05/02/2008 : 2:16:37 PM
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| because 18 year olds buy houses too, and they shop for mortgages while playing beer pong and taking whip its at 4am on frat row. |
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monarchdad
1811 Posts |
Posted - 05/02/2008 : 2:20:10 PM
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quote:
Originally posted by velecico
I dont see why banks dont make a minimum age requirement for LOs , I heard its common for Wall st firms not to hire brokers under 30 , why not LOs ? I dont see how you could trust your most important investment to someone who has no life experience and is barely out of high school
There should also be some basic literacy requirements. I submit this post as evidence of such.
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=219708 |
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Carpet Muncher
1385 Posts |
Posted - 05/02/2008 : 2:22:03 PM
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quote:
Originally posted by velecico
I dont see why banks dont make a minimum age requirement for LOs , I heard its common for Wall st firms not to hire brokers under 30 , why not LOs ? I dont see how you could trust your most important investment to someone who has no life experience and is barely out of high school
I guess we can assume that you are over 30. Couple of guys I went to college with were trading for large Wall Street firms right out of college. If a consumer doesn't feel comfortable with a mortgage loan officer or a stock broker because of their age, they can just move on to someone else. |
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Carpet Muncher
1385 Posts |
Posted - 05/02/2008 : 2:37:33 PM
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quote:
Originally posted by Banker0679
i will be thirty next year!
Please refrain from any further origination until then. |
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velecico
4207 Posts |
Posted - 05/02/2008 : 2:41:15 PM
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OK , lets add 5 years for every 1000 post , Banker , in BO years you are really over 50 LOL |
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jlmandl
142 Posts |
Posted - 05/02/2008 : 2:44:01 PM
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| I started in mortgage lending at 23 so I guess it all depends on your education and background. If the client feels comfortable with you and you have some oversight in the beginning then it works but good training is everything. |
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darkstar
19280 Posts |
Posted - 05/02/2008 : 2:45:01 PM
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quote:
Originally posted by velecico
OK , lets add 5 years for every 1000 post , Banker , in BO years you are really over 50 LOL
That makes me 109(on the 28th!) in BO years!!!!!!!!!!!!! |
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Dominic Garver
1294 Posts |
Posted - 05/02/2008 : 2:54:16 PM
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Apparently it was you Banker that did not pay attention. 5x5 = 25 plus 29 = 54 .
If you pay close attention you will see the word ADD... |
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darkstar
19280 Posts |
Posted - 05/02/2008 : 4:01:58 PM
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| 13(13K posts)x5yrs = 65 + 44yrs old = 109 no? |
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mantixmortgage
2786 Posts |
Posted - 05/02/2008 : 4:08:05 PM
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quote:
Originally posted by Banker0679
i will be thirty next year!
i thought you were like 50 for some reason.
compton. |
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chasjh46
210 Posts |
Posted - 05/02/2008 : 4:12:59 PM
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Be 30 to qualify as an LO??
Guess I'm more than double qualified... |
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darkstar
19280 Posts |
Posted - 05/02/2008 : 4:13:32 PM
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quote:
Originally posted by Banker0679
you said you were 24
quote:
Originally posted by darkstar
13(13K posts)x5yrs = 65 + 44yrs old = 109 no?
Nope, I said, I AM 44, look 34 and act 24! |
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mantixmortgage
2786 Posts |
Posted - 05/02/2008 : 4:14:59 PM
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| hey im 24, thats good right? |
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chasjh46
210 Posts |
Posted - 05/02/2008 : 4:16:20 PM
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| My oldest daughter was already a fannie/freddie underwriter at 28. Now she works at Homedepot. Her last underwriting job was with Aegis |
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mantixmortgage
2786 Posts |
Posted - 05/02/2008 : 4:18:11 PM
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| im looking at places right now on craigslist |
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darkstar
19280 Posts |
Posted - 05/02/2008 : 4:20:46 PM
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| I thought my 'old' brain wasn't wurkin' properlike!...Been sitting here hoping these tornado laden t-storms don't drop one on us!... |
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mantixmortgage
2786 Posts |
Posted - 05/02/2008 : 4:22:35 PM
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quote:
Originally posted by Banker0679
i'm just messing around
me too. compton. |
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brandie
3260 Posts |
Posted - 05/02/2008 : 4:23:42 PM
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quote:
Originally posted by sold_an_EsKiMO_IcE
by the time i'm 30 i will be retired....year 2018
Puppy! j/k |
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pbrymer
80 Posts |
Posted - 05/02/2008 : 4:26:01 PM
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| wow, age eqivalent equals post? well i would be 1 or 2? i originated 23 loans the year i turned 19. i was licensed when i was 18.5 yrs. i had 75% splits in a small broker shop, when i started. My first 3 years was originating over 100 units in a small broker shop. then moved up to a nice big wholesale lender. Originated roughly 100 units per year for 3.5 yrs. NCEN close F.I.L. closed. then went on my own for 1 yr orignating roughly 3 a month since. july 07.. now got a nice salary job overseeing lending with great bonus incentives.... funny thing is i am the youngest person in the company and i have the least experience yrs wise, yet i have a 5 subordinates that are double my age, with maybe double experience.... since everyone assumes i am in my mid 30's maybe i need to have a make over, cause i look too old!! "age, makes no determination.. it is determination that makes your age..." me right now |
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goodguy1
1681 Posts |
Posted - 05/02/2008 : 4:26:51 PM
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quote:
Originally posted by sold_an_EsKiMO_IcE
by the time i'm 30 i will be retired....year 2018
ahhh youth.
Sounds like the boiler room mentality ; )
once you hit 30 you'll realize that you are not invincible!! |
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highland_runner
47 Posts |
Posted - 05/02/2008 : 4:39:51 PM
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| I bought my first home when I was 19. Started in mortgage serving 3 months after high school. I would say it depends on your level of responsibility and if you can handle the heat. |
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pbrymer
80 Posts |
Posted - 05/02/2008 : 4:45:36 PM
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| 26 |
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pbrymer
80 Posts |
Posted - 05/02/2008 : 4:51:41 PM
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| too many freaking old timers here... time to get out of lending so us kids can make all your money... jk... but seriously retire already.... |
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Coronasteve
1606 Posts |
Posted - 05/02/2008 : 4:58:41 PM
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Curious that no one honed in on a minimum proficiency level or national level examination or licensure. Possibly, with an "addendum" if you will, for the states in which one is licensed.
Doing away with the loopholes that allow DOC or CFL type of originators with 10 minutes of training. If the originator has no "skin" in the game, ie. license, that can be taken by the governing authority, it leaves the door wide open for unscrupulous individuals.
Kinda like what happened over the last 5 years. Capiche?
Then, the individual companies that hire these folks must provide some minimum surety bond or similar so that they too, have skin in the game. That will require the employers to do their own due diligence. |
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visionmtg
547 Posts |
Posted - 05/02/2008 : 5:20:26 PM
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quote:
Originally posted by neo-logic
Why does age have anything to do with it? It's a stereotype like most parts. I've met 40 year old loan officers who do not know **** about economics, politics, outside of taking orders.
I've also met many loan officers in the 20's that are doing great and much more intelligent than most other loan officers.
I myself am a pretty damn young guy. My tested IQ is 148 and I can talk it and walk it with the rest of them as good as anyone at the same experience level can.
Age limits are bull****.
But there is a flip side to some LO's who brag about their intellect (and I'm not saying this is you), but like many seasoned LO's or mortgage people in general, I've heard the LO on the phone who's just talking WAAAAAY over his borrowers head trying to impress them with their "knowledge" of the business.
Kind of like that Good Will Hunting movie where the guy in the bar is trying to pick up on Minnie Driver but all he's doing is regurgitating line by line a book or article he read.
So although I don't believe in an age limit for the industry, I do believe in INDIVIDUAL licensing NOT corporate or blanket licenses. Buuuuuut, I think the license should be split for Real Estate & Mortgage Financing. If you want to do RE Sales then get one license, if you want to do Finance then get another, if you want to do both get a Brokers.
Just my 2 cents. |
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NRU2
85 Posts |
Posted - 05/02/2008 : 5:42:33 PM
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| age discrimination would fix everything! |
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sc312001
1065 Posts |
Posted - 05/02/2008 : 7:06:30 PM
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quote:
Originally posted by jlmandl
I started in mortgage lending at 23 so I ,guess it all depends on your education and background. If the client feels comfortable with you and you have some oversight in the beginning then it works but good training is everything.
I began at 21, coming from a bank branch. I was managing 15 people in 2 separate offices at a major company by the time I was 26. I disagree with 30 if the talent, ethics & maturity are there. |
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Mandyvilla
3631 Posts |
Posted - 05/02/2008 : 7:48:29 PM
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Jumped in the biz at 22, age 27 branch manager, 29 regional. I also didn't have life......and the only reason I got the regional (truth time) while having dinner w/ the big boss and other managers, the current regional manager came back from the men's room, sat down at the table and had forgotten to wipe the coke from his nose. Boss fired him on the spot and gave me the job right there and then.
Those were the days.....cell phone were hard-wired and about as big as a hairdryer.
You youngsters need us......who else is going to tell you to wipe your nose? |
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DarianT714
65 Posts |
Posted - 05/02/2008 : 8:42:02 PM
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velecico,
You are a dumbass beyond belief. Age does not define maturity you nimwit. I can use you as an example. |
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mantixmortgage
2786 Posts |
Posted - 05/02/2008 : 10:32:12 PM
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quote:
Originally posted by Mandyvilla
Jumped in the biz at 22, age 27 branch manager, 29 regional. I also didn't have life......and the only reason I got the regional (truth time) while having dinner w/ the big boss and other managers, the current regional manager came back from the men's room, sat down at the table and had forgotten to wipe the coke from his nose. Boss fired him on the spot and gave me the job right there and then.
Those were the days.....cell phone were hard-wired and about as big as a hairdryer.
You youngsters need us......who else is going to tell you to wipe your nose?
ha, great story |
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MortgageBoarder
4474 Posts |
Posted - 05/02/2008 : 11:37:11 PM
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I enjoy being a 24 year old professional who is passionate about his career. If you could do it over, you would have started this path at 18 too! I understand your frustrations... but I have trained more than enough people over the age of 30 to know that your statement has a lack of substance, it seems to be emotion based!!
It is proven that Generation Y is far more advanced when it comes to starting their careers in the early stages of adulthood.
Don't fight it, just embrace it! :)
And because my profile photo is of me playing beer pong, don't for a second think you have a clue of what type of indaviduals I was hanging out with. Here in Cali, we enjoy the lifestyle of fun at all ages! : D |
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clarenceworley
4358 Posts |
Posted - 05/03/2008 : 06:50:47 AM
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I worked with a 57 year old guy who in 2 years couldn't figure out how to price a loan with a ratesheet.
21 year olds learn faster, especially on a computer. But they are more easily manipulated by superiors.
Licensing and bonding are the way to go. |
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velecico
4207 Posts |
Posted - 05/03/2008 : 11:31:30 AM
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quote:
Originally posted by goodguy1
quote:
Originally posted by sold_an_EsKiMO_IcE
by the time i'm 30 i will be retired....year 2018
ahhh youth.
Sounds like the boiler room mentality ; )
once you hit 30 you'll realize that you are not invincible!!
Do I need say more , exactly the reason that age and maturity should be a pre requisite to employment as a loan officer , the same as it is to be a stock broker or financial consultant at a reputable firm , if you have the ability to decide folks financial future you dont need a 22 old kid that claims he can sell ice to an eskimo as his moniker , do you think he would have the borrowers best interest at heart or the loan product that makes him the most YSP ? , thats why brokers have a bad name |
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hpmfinancial
1833 Posts |
Posted - 05/03/2008 : 12:50:21 PM
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I started as a runner for my fathers commercial real estate brokerage when I was 16, I got my license when I was 19. I was motivated and helped a lot of people. What I got sick of was all the people that failed at one job and switched to loans because they thought it was quick easy money.
Instead of a minimum age, a minimum IQ and background checks would be more important. |
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servicefirst
3421 Posts |
Posted - 05/03/2008 : 12:56:56 PM
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quote:
Originally posted by darkstar
quote:
Originally posted by Banker0679
you said you were 24
quote:
Originally posted by darkstar
13(13K posts)x5yrs = 65 + 44yrs old = 109 no?
Nope, I said, I AM 44, look 34 and act 24!
that's funny. I'm 32, look 42 and act 52... |
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visionmtg
547 Posts |
Posted - 05/03/2008 : 1:56:18 PM
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quote:
Originally posted by servicefirst
quote:
Originally posted by darkstar
quote:
Originally posted by Banker0679
you said you were 24
quote:
Originally posted by darkstar
13(13K posts)x5yrs = 65 + 44yrs old = 109 no?
Nope, I said, I AM 44, look 34 and act 24!
that's funny. I'm 32, look 42 and act 52...
LOL!! That was a good one.
Well, I'm 38, people say I look 28, but my grey hairs when fully grown in make me look 48 & I just found out I have an arthritic middle finger (no joke, for real it's true) which makes me feel 58, but that's probably from flippin off all the 18 year olds who bump their systems down my street at 3am!!!
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Loan Pro
467 Posts |
Posted - 05/03/2008 : 4:48:47 PM
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velecico
1st.
I disagree, I don't think there should be an age limit that decides if someone can or can not be in the mortgage business. I will have 10 years of experience in the mortgage industry before I even reach the age of 30. So no there should not be an age requirement.
2nd
I know 18-19 year old home owners and I even know 33-35 year olds that still live with their parents.
3rd
Age is nothing but a number, age does not determine someone’s knowledge or their capability to perform a job as an LO.
4th
Everyone living has some sort of life experience…
I’ve worked with and trained many 18 year old loan agents right out of high school that could do the same job just as well as a 30 year old LO or 45 year old LO and many times even better.
The Mortgage Business has people from all walks of life that are in this industry originating loans.
You got 18 year olds and you got 55 year olds. You got used cars salesman and you got ex-Private Entertainers. You have people who are homeowners and who are not. You have people that have good credit and bad credit. You got people that have great money management skills and people who can not even manage their own money living from check to check even after taking home a 20K commission check. I can go on and on but I am sure you get the idea.
I don’t think Life experience should be used as a tool to determine trust between a client and a LO.
5th
A customer will always be at risk of being taken advantage of or be given bad advise regardless of an LO’s age.
It’s up to each LO to be upfront and ethical.
quote:
Originally posted by velecico
I dont see why banks dont make a minimum age requirement for LOs , I heard its common for Wall st firms not to hire brokers under 30 , why not LOs ? I dont see how you could trust your most important investment to someone who has no life experience and is barely out of high school
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HollywoodLO
261 Posts |
Posted - 05/03/2008 : 9:15:00 PM
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I didn't read the whole thread, but I'm throwing my two cents in based off the first few posts.
First off, I bought my first house at 20 years old and have always had steady full time employment (plus went to school full time and played baseball in college). I consider myself to be exteremely mature and responsible for my age, but I got into selling mortgages at 22. I have yet to have someone question my professionalism, nor have I lost a customer because I'm a "young guy." In my opinion, if someone has a problem doing business with me or any other person based on their age, they can go somewhere else because there are plenty of people that will do business with me, regardless of my age. |
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visionmtg
547 Posts |
Posted - 05/03/2008 : 9:19:25 PM
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quote:
Originally posted by Loan Pro
velecico
1st.
I disagree, I don't think there should be an age limit that decides if someone can or can not be in the mortgage business. I will have 10 years of experience in the mortgage industry before I even reach the age of 30. So no there should not be an age requirement.
2nd
I know 18-19 year old home owners and I even know 33-35 year olds that still live with their parents.
3rd
Age is nothing but a number, age does not determine someone’s knowledge or their capability to perform a job as an LO.
4th
Everyone living has some sort of life experience…
I’ve worked with and trained many 18 year old loan agents right out of high school that could do the same job just as well as a 30 year old LO or 45 year old LO and many times even better.
The Mortgage Business has people from all walks of life that are in this industry originating loans.
You got 18 year olds and you got 55 year olds. You got used cars salesman and you got ex-Private Entertainers. You have people who are homeowners and who are not. You have people that have good credit and bad credit. You got people that have great money management skills and people who can not even manage their own money living from check to check even after taking home a 20K commission check. I can go on and on but I am sure you get the idea.
I don’t think Life experience should be used as a tool to determine trust between a client and a LO.
5th
A customer will always be at risk of being taken advantage of or be given bad advise regardless of an LO’s age.
It’s up to each LO to be upfront and ethical.
quote:
Originally posted by velecico
I dont see why banks dont make a minimum age requirement for LOs , I heard its common for Wall st firms not to hire brokers under 30 , why not LOs ? I dont see how you could trust your most important investment to someone who has no life experience and is barely out of high school
Good points Loan Pro but I don't think anyone's disputing that diversity in the mortgage industry is a good thing. Just like you have young & old home buyers, blue collar & white collar homebuyers & homebuyers of varying credit you should have a range of LO's who mirror their demographics effectively as well.
But it's been said several times on this post alone, "I know 18-19 year olds that are better or whatever than some 35 year olds" & to be honest this is not a new phenomenon especially to someone who's 35 because they've been exactly where those 18-19 year olds are at now.
Everything is gung ho & full steam ahead & the mortgage industry is exciting & lucrative even in todays market. So of course a bright eyed, bushy tale teen thinks about making all that money & the few things on his/her mind is car, apartment, nice clothes & Vegas money.
So although it may look like those 35+ guys aren't learning as fast as the 18yr olds it's probably more like they've been there & done that, & their attitude is, "Go ahead kid & be that manager, leave me the heck alone & let me do my job".
So although an age limit isn't really fair especially to those young professionals who are ethical & knowledgeable about their business, nothing on this earth is going to sweep away ALL the bad apples in the industry & leave absolutely no innocent bystanders but a mandatory personal license I feel will be behave in a way that it will discourage the "fast buck" to stay & tough it out in the industry. It should be state specific because I realize some states don't require a specialized license at all but if you do live in let's say California a DRE license isn't the world to ask. |
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1stintegritymort
1298 Posts |
Posted - 05/03/2008 : 9:31:46 PM
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| you can't discriminate against age... thats a law suit waiting to happen. you can discriminate against a person's qualifications. thats why we need stricter licensing requirements. someone new to the business more than likely will be making cold calls for a long time until they are familiar with the business. does that make them less qualified? no... it just means they need training to learn what they are doing. what was happening before was you had their manager pitching the loan after the 18 year old got someone interested. you think an 18 year old knows what a pay option arm is? or what the rate caps, margins, index, etc are on a subprime arm? most of those companies didnt even show those LO's a HUD. they probably got some ridiculous low cut on the deal too. most of them were used and abused. but thats not their fault they weren't trained. even if a rookie LO takes a test and gets their license, that doesn't make them knowledgable about the business. anyone can pass the test. i would say it is the management that should be held accountable. |
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visionmtg
547 Posts |
Posted - 05/03/2008 : 9:56:01 PM
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quote:
Originally posted by 1stintegritymortgage
you can't discriminate against age... thats a law suit waiting to happen. you can discriminate against a person's qualifications. thats why we need stricter licensing requirements. someone new to the business more than likely will be making cold calls for a long time until they are familiar with the business. does that make them less qualified? no... it just means they need training to learn what they are doing. what was happening before was you had their manager pitching the loan after the 18 year old got someone interested. you think an 18 year old knows what a pay option arm is? or what the rate caps, margins, index, etc are on a subprime arm? most of those companies didnt even show those LO's a HUD. they probably got some ridiculous low cut on the deal too. most of them were used and abused. but thats not their fault they weren't trained. even if a rookie LO takes a test and gets their license, that doesn't make them knowledgable about the business. anyone can pass the test. i would say it is the management that should be held accountable.
Exactly, I saw it a lot in the Underwriting department (of all places) processors with 6 month experience (normally the younger ones....I'm just sayin) wanting to become underwriters & getting upset when not given the chance. I like the moxy but c'mon let's pay a little more dues here before climbing that ladder! When I came into the mortgage industry working in the HR department it was rare to see an underwriter or funder under 35, in fact 35 was young, & it took years of paying dues & touching all departments for at least a year. Then the boom came & the next thing you know you had 21 year old underwriters & funders, supervisors & managers at 25, VP's & SVP's at 28!!
Mortgage lending is the only profession I've been in where people talk like 1-2 years is "seasoned", where 3-5 years you are considered an "old timer"!!
I also agree about the training & it's definitely not their fault. I've always said the mortgage industry is a weird beast where, when it's busy they don't have time to train you correctly, when it's slow they don't have the money to train you correctly.
In stark contrast & just to give you some comparison I've been working as a Middle Market Group Medical Insurance Underwriter now since 2/08, they've sent me to AZ twice for training, I'll be going back to AZ & CT for training in a couple of weeks & all my cases are 2nd signed by a Regional Director for at least 1 year & I get a mentor who has a minimum of 5yrs with the company (not just in the business but in the company) & I get this mentor to ask questions & get answers for at least 3 years. I believe they've spent at least $15,000.00 on training me NOT including salary!! And yes I get paid approx $1000 less than I ever did as a mortgage underwriter.
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darkstar
19280 Posts |
Posted - 05/04/2008 : 04:06:48 AM
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>>>> you can't discriminate against age...
Planty of jobs have age limitations and I can not hire you for any reason I want; age, hair color, weight, sex...As long as I tell you something else... |
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fund-n
320 Posts |
Posted - 05/04/2008 : 09:04:02 AM
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| I don't think a min. age but defenitly experience should be a must. All los' should 1)pass a background check 2) a 2yr apprentiship where they work under the senior lo 3)after the 2yrs (training)they must pass a test. I don't understand how in some states you do not need a license, background check anything to be an lo. You just start slinging loans from home without any training or knowledge whatsoever. Here in Louisians, you must pass a background check at the federal level (fingerprint cards and everything) after you pass that (6weeks later) then you must pass a difficult test. Every year we have 12 hrs of continued ed. We have nowhere near the problems other areas currently have. Coincidence? |
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slants
4303 Posts |
Posted - 05/04/2008 : 09:54:20 AM
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quote:
Originally posted by fund-n
I don't think a min. age but defenitly experience should be a must. All los' should 1)pass a background check 2) a 2yr apprentiship where they work under the senior lo 3)after the 2yrs (training)they must pass a test. I don't understand how in some states you do not need a license, background check anything to be an lo. You just start slinging loans from home without any training or knowledge whatsoever. Here in Louisians, you must pass a background check at the federal level (fingerprint cards and everything) after you pass that (6weeks later) then you must pass a difficult test. Every year we have 12 hrs of continued ed. We have nowhere near the problems other areas currently have. Coincidence?
Agree with the above, but unfortunately the current problems are a result of that along with many other complex factors. CA has the same strict licensing requirements, but it is also one of the most severely distressed markets. It would be great if licensing/screening standards alone could prevent or fix the current problems. |
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fund-n
320 Posts |
Posted - 05/04/2008 : 12:27:52 PM
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quote:
Originally posted by slants
quote:
Originally posted by fund-n
I don't think a min. age but defenitly experience should be a must. All los' should 1)pass a background check 2) a 2yr apprentiship where they work under the senior lo 3)after the 2yrs (training)they must pass a test. I don't understand how in some states you do not need a license, background check anything to be an lo. You just start slinging loans from home without any training or knowledge whatsoever. Here in Louisians, you must pass a background check at the federal level (fingerprint cards and everything) after you pass that (6weeks later) then you must pass a difficult test. Every year we have 12 hrs of continued ed. We have nowhere near the problems other areas currently have. Coincidence?
Agree with the above, but unfortunately the current problems are a result of many other complex factors. CA has the same strict licensing requirements, but it is also one of the most severely distressed markets. It would be great if licensing/screening standards alone could prevent or fix the current problems.
It probably may not have fixed the problem but maybe curtailed it. would It be correct in saying a big problem in CA was the pay option/neg am loans? I feel there is a place for those loans but do you think most los' were properly trained, and had the ethics to explain exactly how those loans worked or just put people in them because it was what made the payment the lowest for borrowers. I don't think those loans alone made the issues that we are currently in, but they didn't help. I market into VA also and I see people who make 50k per yr. in 400k p.o.a/neg am loans that are adjusting and now can't afford the payments and I can't do anything for them.I promise you that a well trained, honest, moral lo would have never put someone into that loan unless the borrower had a major income increase in the near future. I feel that if this industry would have been set up from the beginning as a career type industry (background check, apprentiship, testing)instead of a "go getem cowboy" industry, the problems and our reputatation would be nowhere near the state it's currently in. |
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slants
4303 Posts |
Posted - 05/04/2008 : 3:42:46 PM
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| Yes, OA's are a contributor to the problems in CA and elsewhere but what that statistic highlights is the inherent flaw in the products the banks were offering and the lack of proper training on the part of the banks and the brokers. Not sure those issues can be fixed with licensing guidelines. With the exception of the CFL LO's, do keep in mind that the majority of those loans were originated in good conscience for the most part by licensed LO's in Cali who had undergone the background checks and licensing exams. Sadly, no amount of licensing can ensure that an agent will be a "well trained, honest, moral lo". Unfortunately, knowledge does not = honest and moral. Perhaps stiffer penalties for breach of ethical conduct might be a deterrent? |
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fund-n
320 Posts |
Posted - 05/04/2008 : 4:29:13 PM
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| I agree with you slants, training and knowledge does not equal moral and honest. I guess it just bothers me that our profession was cheapened by the open flood gates where just about any joe blow could do what I was doing and call themselves a professional. Feels like we had a big wild party where some thugs showed up and destroyed everything. Now that the party is over and the thugs are all gone, we (the professionals) are left to clean up the mess and explain everything to the cops. The next time we have a party, hopefully we are more selective of who we let in. |
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CoralSnake
11206 Posts |
Posted - 05/04/2008 : 5:56:17 PM
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quote:
Originally posted by velecico
I dont see why banks dont make a minimum age requirement for LOs , I heard its common for Wall st firms not to hire brokers under 30 , why not LOs ? I dont see how you could trust your most important investment to someone who has no life experience and is barely out of high school
Age has nothing to do with it. Ive seen 50 year old guys who still couldnt figure out how to calculate an LTV after 2 weeks.
And I dont know any Wall St firms that have an age requirement.
I am all for a Federal licensing exam that will bring the needed professionalism back into this business.
I have seen so many people, young and old, try and become LOs since the money was good and there was no prerequisite exam or licensing.
You need a license to sell insurance, to sell stocks, bonds, mutual funds, I think it should be a requirement for mortgages as well.
Just my 2c. |
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ML
3108 Posts |
Posted - 05/04/2008 : 8:30:42 PM
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I believe all Loan Officers under thirty should be shot! I understand my views can be considered extreme at times, but, I think I'm right on with this one?  |
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HollywoodLO
261 Posts |
Posted - 05/05/2008 : 08:24:00 AM
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| Unless you can punctuate your comments correctly, you shouldn't be talking about shooting anyone... |
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