I won't address the electronic issue as that is a given, but let's take a broader look at the commissioning requirement.
Old timers here know that I have fought to protect NSA's.
I did the same to protect loan originators when the feds forced most of us (except federal depository institutions) to obtain an additional NMLS license (9 additional hours annual CE plus approximately $400 in annual fees) in addition to our CA DRE license CE and license fees.
That is very similar to what this bill proposes. The notary would need to be licensed in CA, twice, so I hear your pain.
Since the loan origination business is the starting point of the NSA business it may be helpful to have a look at what is up in CA.
http//journal.firsttuesday.us/mortgage-loan-originators-in-california-on-the-rise/32527/
Notice that ONE THIRD of all state licensees in the country are licensed in CA. That does not mean they reside in CA. See where this is going? Of course the multi-state lenders are driving this. The same ones are driving the electronic signings.
Now, the FREAK show: CA has three state licenses, under two agencies, to originate loans under. No other state has that. The agency of least resistance is the CA DBO. Go back and look at the chart from the link and see where CA LOs are licensed. Many of these are business and originators from out of state. Why is this important?
Ten years ago the ONLY individual loan originator license was issued under the CA DRE. Notice the dwindling numbers there? That is also a harder license to obtain.
You could also originate without a state license working for a company licensed under the CA DBO or for a depository institution. That was true in other states and the mortgage meltdown brought about the NMLS license, a federal license that most states adopted as their own state license. Everyone in CA ran to the DBO to get that easier NMLS license.
CA DRE licensees were once the Big Kahunas in CA for savvy, licensed loan originators. Now they are dwindling. Look into the crystal ball here if you will.
Do you see how that went down? All things in the business being equal and electronic signing issues aside, you're the caboose.
This year, all loan originators using Calyx loan originatng system will have access to a 'rocket mortgage' type of consumer access platform with certain lenders like UWM and Caliber participating. I'm signing up for it....if I want to exist, but, do you recall what lender was leading the way for electronic signings? UWM.
Otherwise, we go by the way of Sears, K-Mart, Radio Shack, soon JCP, etc.
I wish you the very best and hoping if you see the broader picture you can srengthen your argument(s) to match what is steaming up behind you.
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