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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!!
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To: StockDung who wrote (4493)9/10/2007 2:57:29 PM
From: ravenseye   of 5673
 
Mortgage broker licensing requirements on horizon
BY ELLEN YAN
September 10, 2007
newsday.com
...Next year, as many as 50,000 loan officers and brokers are expected to send in applications with fingerprints to the New York State Banking Department, which has beefed up its staff to handle the influx. Applicants will have criminal background checks on both federal and state levels, and they'll also have to attend 18 hours of classes, including three hours on ethics.

The licensing and discipline records will go online in January as part of a new database set up by the Conference of State Bank Supervisors. Consumers will be able to look up brokers and loan officers in the 36 states that have various licensing systems, an effort aimed at tracking employees who have been fired and try to go from company to company....

newsday.com
...Industry veterans said it was a sort of joke that anyone could get a loan officer or broker job and sometimes did - disbarred attorneys, criminals, people with bad credit, Wall Street bullpen guys who lost their jobs shouting "buy" and "sell" and then were hired as phone salespeople saying they could get this or that interest rate....

newsday.com
...Starting in January, New York State will begin licensing loan officers and brokers, who will be required to complete [only] 18 hours of classes. Here are the hourly course study requirements for some licensed professions:

45 hours Real estate sales agent
75 hours Hair waxer
90 hours Real estate broker
140 hours Home inspector
1,000 hours Massage therapist
1,300 hours Shorthand reporter
4,050 hours Acupuncturist
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