I ranted on the new licensing system last week, but today I can point out some positives. Actually I believe I and my company were innocent of most of the sub-prime problems that our nation is enduring. We have traditionally recommended and closed conforming conventional loans and government loans for years. Not to say that we never closed a sub-prime loan. We did a few but I can safely say my clients knew what they were getting. Since we have passed the test I learned that the consumer will be able to look up mortgage originators and see if they have complaints against them. The database is just starting, but it will be good when the data rolls in. At least it is good for those with a clean bill of health. I have been advertising my license number on the videos. Turns out that is the state not federal number. But you can look me up easily by just typing in the name.


The web site is;

http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/default.aspx

Now with all that said. You or someone you know needs to buy a house. Folks that get an FHA loan will find the mortgage insurance higher if we have not ordered an appraisal by April 5th. It is significant (a thousand bucks added to the loan on a $200,0000 loan. So the time is now.

Check the video out for a chance at a free gift card to O'Charleys'.