After the real estate crash a few years ago, it was revealed that many mortgage professionals weren’t behaving professionally. They were acting with disregard to professional ethics or operating without a valid and up-to-date license in their state. The mortgage boom that preceded the crash offered such amazing profits that many questionable individuals were drawn into the industry to make a fast buck — on both sides of the equation.
As a result, many states have toughened their requirements for mortgage loan officers. Part of this was dictated by the SAFE Act which governs mortgage licensing and requires a national registry of mortgage professionals and companies.… Read the rest