I came across an amazing statistic this week. Prior to July 2010, there were 18,000 mortgage originators in the state of Arizona. There are only 3000 licensed mortgage originators as of this blog entry. What happened to all of those other originators? Well, some of them have not completed the requirements of 24 hours of classes plus National and State testing. Licensees also had to go through a background check. It can cost $1500 to become licensed and some originators do not have the money. Many originators did not pass the background check because they committed fraud or were convicted felons. Other originators went to the big banks like Wells Fargo, Bank of America and Chase as their mortgage originators are not required to be licensed, they only have to be registered with NMLS with a unique identifier number. By the way, those banks were also big recipients of TARP funds! Many of the unlicensed originators have left the business. Being an mortgage originator is a challenging line of work. It is a commission only position and very competitive.
The bottom line is choose to work with a licensed originator who can give you good advice and service. Someone with your best interest in mind! A house tends to be the largest purchase you will ever make in your lifetime. Make sure you are dealing with a person of integrity and someone who knows what they are talking about! Even though the mortgage industry has consolidated and tightened underwriting guidelines, it is important to understand the terms of your next home loan.
Please contact me if you have any questions or would like a second opinion for your mortgage terms. I’m David Wolsky. I have over sixteen years of experience and have helped thousands of customers with purchase or refinancing. You can reach me at david@davidwolsky.com or by calling 520-275-2536.
