Over the weekend, I was working with a Licensed Real Estate Agent, Realtor, to sell a house. The Realtor I chose knew the market very well and has a proven track record. I only work with Licensed Real Estate Agents and I always check their license at http://www.grec.state.ga.us/ . The Realtors I know appreciate people who choose Licensed Real Estate Agents and many have the same view with respect to Mortgage Lending.
Over the weekend, I got an offer on the house with a Bank Originator written into the contract. I happen to know the Bank Originator given I hired the person into the Banking Industry from the waste disposal industry a long time ago. The person has a super personality and is likable. I explained to the Realtor that I did not have confidence in an agreement that was contingent on a Non-Licensed Mortgage Originator handling the buyers loan. You can find out if a Loan Officer is Licensed by clicking here http://www.nmlsconsumeraccess.org/ . See picture below. Look for there State license below that will also have a consumer complaint link. If the are just registered "Not Licensed" there is no State License information nor Consumer Complaint Link.
The Realtor had no idea that there are Non-Licensed Mortgage Originators engaged in the Georgia Mortgage Industry. I explained it to her this way. Would you buy your home from a Non-Licensed Real Estate Agent? She said NO. My POINT. Just because someone is likable is not a basis to put a client's home purchase or sale in the hands of someone NOT State Licensed to do it. They deserve a Mortgage Originator that has passed a competency test and is regulated by the State they are taking mortgage applications.
- Would you hire a Plumber who is registered with his supplier and not licensed?
- Would you hire an Electrician who is registered with his supplier and not licensed?
- Would you trust your health to a Doctor who is registered with a drug supplier rather than licensed? Should your Doctor be required to pass competency exams?
- Would you hire a Realtor who is registered with their employer and not licensed?
Bank Mortgage Originators are Registered and do not have State Licenses, they have not passed a standardized competency test, and there is no State Regulatory Complaint Recourse for Consumers. If a Licensed Real Estate Agent creates an issue for you, you can complain to http://www.grec.state.ga.us/ (Real Estate Agents State Regulator). Attorneys have the State BAR. If you have an issue with a Federally Registered Non-Licensed Bank Mortgage Originator, who do you complain to? Who regulates them? Their Employer? Remember 2009.