Colorado has announced that mortgage brokers licensed to do business in the State of Colorado will have to complete 40 hours of education by the end of 2008. Until now, any one that was registered/licensed could originate mortgage loans with little or no knowledge of the industry.
This is great for the industry and consumers, as consumers can now be assured their mortgage brokers is knowledgeable about the industry and not some one who was selling cars yesterday. However, I would like to see it go a step further and require all mortgage professionals, even those who work for banks, be required to complete education courses. If we really want to protect consumers we need to make sure every mortgage broker and loan officer is required to complete classes that will provide them with the knowledge to originate mortgage loans.
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