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This one is short and to the point. There are other laws governing mortgage lender’s activity besides the much talked about and referenced TILA and RESPA.
Under the SAFE Act, loan originators working for independent mortgage lenders (non-banks) must be licensed and also must complete a certain number of hours each year in continuing education. States in which the Loan Originator will do loans also require such licensing and continuing education.
Recently, a major independent lender, NewDay Financial, found that this is serious business (Cheater). When are we going to learn? Whether you agree or disagree with these requirements, they are the law and you must comply.
Like any other law. Cheaters never win and winners never cheat. At least that’s what I have always told my sons and grandsons. Maybe some may get ahead by using shortcuts but, in the long run, they usually get lost or get lazy. Either way, they get in trouble, like NewDay.
Don’t cheat yourself or your employees. Yeah, the testing and continuing education is time-consuming and tough. But, it will pay off over time. Your originators and production managers will be better informed and more knowledgeable about the rules and requirements governing what they do and what the company must do in originating mortgage loans. This will benefit you and your customers and, after all, isn’t that what’s best?
There are no shortcuts to success. It takes time, hard work, and dedication. People who try and circumvent rules hurt themselves, their company and the industry.
Take what you do seriously, be proud of who you are and please do things right for all the right reasons. Not just because it’s the law but because it’s the right thing to do.
And you wonder why our industry gets a bad name.
