wells 03Wells Fargo Scandal Exposes Need for Bank Loan Officer Licensing

 

This is a nationalmortgagenews.com article.

 

The recent revelations about Wells Fargo opening unauthorized bank accounts have great potential to undermine consumer confidence once again in our financial sector. Requiring mortgage loan officers in depository institutions to pass the Secure and Fair Enforcement for Mortgage Licensing Act exam is a small but essential step to help restore the confidence essential to the success and sustainability of the mortgage industry.

Wells Fargo undertook a major effort to pressure its staff to cross-sell products, and created financial incentives for them to do so. Offering a wide range of products to their customers is one of the strengths of banks, and Community Home Lenders of America has no issue with banks in this regard. However, consumers have a right to work with individuals knowledgeable about the products they sell, and who can prove that through full certification and licensure.

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