Should all lenders be treated the same in WA state as far as licensing goes?

I believe there should be a fair playing field. However, that being said, some lenders and brokers have always adhered to higher lending practices and standards. As a reputable local Bank and Broker in the Greater Seattle Area for over 20 years, Alpine Mortgage has been upholding the highest level of Correspondent lending practices and Fannie Mae lender approval requirements. I do agree there should be a strict industry licensing policy for required knowledge regarding program, legal and ethical standards pertaining to mortgage lending practices. Upon entering the mortgage business in 2002, it shocked me to discover the lax licensing requirements for mortgage brokers. As a Fannie Mae approved lender, Alpine has always maintained the highest level of standards in licensing requirements, but it surprised me that smaller brokers and banks were not held accountable to minimal lending standards and practices.

The recent additions to Washington State licensing requirements will help weed out the unethical brokers and lenders who contributed to the so-called “mortgage crisis”. More education requirements and increased structure will lead to a stronger foundation for lenders, and strict licensing requirements should serve to accomplish this.

How transparent should GFE’s be?

What role do Rhonda’s tweets play versus the Zillow Mortgage Marketplace?

Transparency lies in how the GFE (Good Faith Estimate) is presented to the borrower. At Loan Application, I go over every line item on the good faith estimate. I explain the reality of the costs involved and even educate my borrowers on how to shop for a mortgage loan by “comparing apples to apples”. Full disclosure is critical, but making the good faith estimate any longer (like the 4 page disclosure required last year) will only add to overwhelming the borrower with redundant information.

I agree with Rhonda’s tweets versus the Zillow Mortgage Marketplace. In my opinion, any advertisement of rates/costs is to give the consumer a basic overview or ballpark snapshot of what is available in the marketplace.

I respect what Zillow’s trying to accomplish for the consumer…however I feel it encourages unprofessional behavior with LO’s.

Just my 2 cents for what ever it’s worth.