A New Regulation that Lenders and Realtors will Love or Hate

08/09/2018
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5 thoughts on “A New Regulation that Lenders and Realtors will Love or Hate”

  1. Dan Findrick says:

    Should we IMPLEMENT minimum spelling standards too? 2m36s

  2. Jeff says:

    I agree with your idea. I think there should be different designations for loan originators and real estate agents. Perhaps the first 10 transactions for a real estate agent their official designation be real estate agent trainee, or apprentice. After about 10 deals they could be called Real Estate Agent level 1. After 50 transactions Level 2. After 100 transactions LEVEL 3 etc. Loan originators in my opinion should have a higher numbers but same Idea. Loan Originator Apprentice, level 1 level 2 etc. it wiuld not be required to hit these numbers annually but a milestone.

    If I want to list my house for sale I want to have the most experienced person that knows what they’re doing or at least have a better way of judging the quality and amount of work that they do.

  3. Russ says:

    No other “profession” that deals with as much money as we do has such low standards of barriers to entry. The reality is that consumers don’t value agents or lenders because so many are so bad. They know every bored housewife dabbles in real estate.

    If Realtors or lenders want to be treated like accountants, doctors, lawyers, or other professionals then the standards to become a Realtor need to be raised substantially.

  4. Andrew says:

    Your flaw within you’re thought is there are many extremely qualified and talented mortgage managers and executives that do not originate but are required to have an NMLS, and their sole purpose is to coach and train MLO’s and even put out fires on behalf of loan officers. So you’re premise of not originating doesn’t disqualify someone from being an expert in the industry but to require a minimum number of loans of production is foolishness spoken. Seriously grow up.

  5. Angela says:

    Absolutely agree! Should be a 6 or so month probation period for new Real Estate Agents, then a requirement to close 1 transaction per quarter. Our business evolves too quickly. You either need to be all in or all out. This is the most significant financial transaction of many people’s lives. It’s a BIG deal. Inexperienced people can affect the entire transaction. I wouldn’t want a part-time heart surgeon that got his medial licence 30 years ago and hasn’t seen the inside of an operating room since ‘ER’ was in syndication. Technology has changed a bit. Nor would I want to be working in that operating room with him. You know that’s going to be a mess. It’s not enough just to keep up on CE. That’s like this Doc saying he’s all caught up on ‘Grey’s Anatomy’ and ready to scrub in. It’s terrifying.

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