Let me say that I don’t agree with Jason at all.  I am confident that the Mortgage Banking industry, is so vital to the ethical distribution of mortgage credit to the American public, that no set of industry circumstances, natural or legislated, will depose it from its position as the nations #1 mortgage resource.  We Mortgage Bankers are the entrepreneurs of the Mortgage industry.  We are licensed by our states and by the National Mortgage Licensing Agency. We take mandated continuing education, which by the way, the exemption of which, Jason’s bank lobbied congress to gain.  As a result our Loan Originators are eminently more educated and regulated than those working for the banks.   Every day, we put our cash, credit, and net worth where our mouths are, as we fund billions of dollars of loans and then sell them to bank investors, many to the Bank of America.

It’s funny to hear Jason’s perspective, because his opinions are not shared by the officers of his own bank.  Certainly not by the Bank of America officers who manage that banks correspondent lending division.  The Bank of America is either the largest or second largest purchasers of Mortgage Banker originated mortgages every year. These bank officers have told me, over and over again, that the bank relies on the production capacity of the Mortgage Banking industry to help the bank replace its mortgage pay downs every month.

These Bank of America officers have repeatedly told me, at various meetings throughout the US, that we Mortgage Bankers play an integral and important role in their banks budgeted growth. A point of view that is in total contrast with Jason’s claims.

I was called by another friend and fellow mortgage banking entrepreneur today, as some of his people were being recruited by Jason.  He was concerned that Jason had shared his….”you’re all going to be toast after April, 2011” perspective with his employees and successfully hired one of his team.  I shared with him what I now share with you……”Capitalism and the entrepreneurial spirit that made this country great will not be stifled by a few banks, who themselves needed a government bail out, an infusion of your tax dollars, in order to survive.  I think that we should just “consider the source” and focus on continuing to provide our fellow Americans with the best choices in mortgage credit, at the fairest prices, that are available in the marketplace today.”

Thank you and have a great day!

Roughly 71% of loan officers pass the national test to become qualified mortgage professionals the first time they take the exam, according to new figures released by the Nationwide Mortgage Licensing System. The state (first-time) pass rate is even better: 78%, according to NMLS. The results reflect tests administered between July 30 of last year and April 30, 2009.

via National Mortgage News – mortgage industry news | mortgage information | commercial real estate.

Loan officers are in general a pretty sharp group of people. They’re highly motivated, driven to succeed, and almost always multitalented. And so, it’s no surprise that so many are achieving their licensing on the first go-round.

In any business, though, the testing is continuous, and a professional is always in training for the next level, whether that’s an official certification or just a step up in his or her capacity or skills.

If you’re looking to make that next step, we’re looking for you. We seek out top performers who will appreciate the unparalleled mortgage platform we can provide, please get in touch with us today. We think you’ll be glad you did.