Washington State’s Mortgage Broker Practices Act law and rules went into effect January 1, 2007. The new licensing requirements for Loan Officers demand that Loan Officers include their new license number on their business cards. Maybe it’s just me, but isn’t that a bit discriminatory? Doctors have to be licensed, but mine doesn’t have a license number on his business card. Nurses are the same way. I used to be licensed to sell Life, Accident and Health Insurance but I wasn’t required to emblazon my number on my business cards. What’s next, my license number on the door of my car like contractor’s have?
The new laws are a long overdue improvement to the mortgage industry. I have no argument with the need or the benefit. Before now, a convicted felon could handle mortgages in Washington as long as they were willing to lie on the employment application and their new employer didn’t perform a background check. The new regulation takes care of that problem. The new regulation also requires ongoing education. I am all for that too. There has been way too much mediocrity and downright substandard hiring practices before now. Anybody’s Aunt Bessie could write loans out of her basement in the past.
The real irony here is that Lawyers in Washington State are required to be licensed but you won’t find a lawyer with his or her license number on his or her business card. Why is that? Lawyers were involved in the creation of this law. You would think they would craft the law to reflect business practices common to their industry. No, it appears that the lawmakers view Loan Officers in the same light as electricians or building contractors. Used car dealers have arguably the worst reputations around and they are also required to be licensed. But they are not required, you guessed it, to have the license number on their business card. There is a silver lining though. This will be a bonanza for the printing industry. 10,000 Loan Officers in Washington State need to get new business cards!
