LOs cutting class

Earlier this week, my colleague Georgia Kromrei reported that more than 400 mortgage loan originators will pay penalties after a multi-state investigation determined that they falsely claimed to have completed an annual continuing education requirement.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Hello, LOs!   Earlier this week, my colleague Georgia Kromrei reported that more than 400 mortgage loan originators will pay penalties after a multi-state investigation determined that they falsely claimed to have completed an annual continuing education requirement.   LOs in 42 states who settled with state regulators will pay on average about $2,700 each — $1,000 for each state they are licensed in — for skipping the annual eight-hour course. They must also surrender their MLO licenses for three months and take additional educational programs.   The penalized LOs all paid for continuing education programs from California-based firm Real Estate Educational Services, which is owned by Danny Yen and was licensed to provide NMLS education. Yen was accused of concocting schemes in which he either took the classes in exchange for compensation, or gave LOs class credit without requiring them to show up to class. Interestingly, part of the penalty stems from REES offering online courses — like a three-hour one on fair housing and discrimination laws — but only being licensed to give in-person classes. That surprised me given, y'know, COVID.    The continuing education laws are designed to enhance consumer protection and reduce fraud. But I think it's important to note that regulators said there's no evidence that any loan generated by these 400+ LOs caused consumer harm.   LOs, I'm curious to hear what you think about all of this. Do you feel that these annual classes are necessary? Do they make you sharper or help you navigate gray areas of mortgage banking? Share your thoughts with me by emailing jkleimann@housingwire.com.    James Kleimann Managing Editor, HousingWire Regulators slap mortgage LOs with fines for skipping class Politics & Money, Mortgage More than 400 mortgage LOs will pay penalties after a multi-state investigation alleged they falsely claimed they completed an annual continuing education requirement.  What origination goals did you set for 2022? How do you plan to grow your business this year? Loan Officer Hub gathers the best industry insights, tips and strategies on marketing, referrals, and working with consumers – all tailored just for loan officers like you. Check it out! Sponsored by MGIC How credit scores impact lenders' pipelines in a purchase market Presented by CreditXpert With the purchase market becoming a primary emphasis for lenders in 2021, HousingWire sat down with CreditXpert VP of Marketing Mike Darne to talk about credit trends in a purchase market and how that impact lenders' pipelines. Purchase mortgage volume projected to clear $2.1T in '22, '23 Mortgage Freddie Mac expects that home purchase mortgage originations will grow to $2.1 trillion in 2022 from $1.9 trillion in 2021. The GSE expects $2.2 trillion in purchase volume in 2023. Training, benefits, bonus. Pennymac is hiring. As a Pennymac Loan Officer, you can grow with confidence. With robust training, uncapped earnings potential, competitive benefits and career advancement opportunities, we can provide you with a foundation for long-term growth and success. Apply Now! Sponsored by PennyMac Did existing home sales peak in 2021? Politics & Money, Real Estate, HW+ Exclusive Content The National Association of Realtors reported that existing home sales for December came in as a miss of estimates at 6.18 million. Closing Corner First American to acquire Mother Lode Holding Company Stewart Title makes second acquisition in under a week Erie Title Agency merges with Barristers of Ohio Presented by HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039 Manage preferences

Share this

Share on FacebookPlus on Google+