The headline is shocking and luckily fiction today; however, it is a Hidden Reality in the Mortgage Industry today and most Realtors and Clients do not know.
What if a large Hedge Fund decided to enter the Real Estate Business and found a loophole to only Register Realtors exempt from State licensing. Imagine they only have to pay Registered Realtors 1/3 what a Licensed Realtors make pocketing the difference. Registered Realtors are not required to comply with Continuing Education, or State Regulation?
Trades (Realtors, Mortgage Lenders, Attorneys, Appraisers, Etc.) should support and insist on working with State Licensed Professionals who have met State Standards of Education, Credit, and Ethics. Would you use an unlicensed Architect, Attorney, Doctor, Electrician, Plumber, Teacher, Appraiser, etc. I certainly would not!
Does anyone ask if their Mortgage Originator is State Licensed? That should be one of the first questions for a Realtor before referring a client and a client before applying with a Mortgage Originator. Just check if they are licensed at http://www.nmlsconsumeraccess.org/ . Registered Mortgage Originators do not have a GAR or DBF for client complaint resolution. Clients and Realtors can only file a complaint with their employer which is a Bank.
Southeast Mortgage works with Licensed Attorneys, Appraisers, and Realtors. Support the integrity of State Licensing and only work with Licensed Mortgage Originators. Protect the integrity of the Real Estate Industry and ensure we do not see another 2008-2009. Everyone knows what and who caused it.