Rhonda Porter, CMPS and Licensed Loan Originator 510-LO-32047, has been helping Washington State families with their mortgage needs since April 2000. Prior to her career as a Mortgage Planner, Rhonda was in the title and escrow industry for 14 years.
Kris, I really enjoyed your article (you should see my home office). Slower times are a great opportunity to clean up. We all know that when business is booming, everything else begins to slide. It's the nature of the beast.
@mortgageporter Rhonda Porter Mortgage Planner and Blogger Mortgage Master Service Corporation http://www.mortgageporter.com
Washington State legistators have passed many bills recently with "good intentions" for consumers that are going to have negative impacts. This is just one of them. SB 6471 not only forced "exempt lenders" to become licensed under the CLA. It actually forced lenders who were all ready licensed under the Mortgage Broker Practices Act to become licensed as a Consumer Loan Act as well IF they have their own underwriters and close in their own credit line. This law has taken LO's who were licensed under MBPA (this required background checks, passing an exam and clock hour courses) to be under CLA instead which has none of these requirements--it's a huge step backwards for WA State. I'm so dissapointed with our legislatures for many of the laws they've passed during this recent session. You would think they would care enough about our state to actually research what they're doing. A majority of members of CLA (previous to 6741 passing) would not have done reverse mortgages. They were credit unions and consumer finance companies. Just recently were a few of us mortgage broker/correspondent lenders who DID reverse mortgages, forced to be under CLA.
