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Re: Please remember when "picking up" loan applications...
Posted by Bear900/CA of CA on 7/16/19 11:05pm Msg #608476
"At issue is an accusation by the department, made last fall ... [lender] illegally uses unlicensed mortgage sales people to take applications for ... home loans. The department moved to revoke the company’s license in a multi-count charge ..."

Unfortunately this Is more common then we think. Typically it's a broker or banker who hires an unlicensed LO to obtain or orginate a loan with the prospect of a new license forthcoming. That unlicensed originator knows how to 'speak' the business, something that a notary typically would not be able to do, though some here are very knowledgable.

My guess is the case Bobbie/CT quoted was regarding just that, an unlicensed originator employed by a lender. If a notary is asked to complete an application, i.e. SS #, assets, liabilties, etc., then yes, beware of that hiring party.

Although a reverse mortgage application may not be completed until client counseling is completed, it's not unusual, or wrong, for the lender to pull a credit report, which requires some basic information. If you are requested to gather that information, then you just may be completing an application unknowingly.

Most application signings are computer generated that include terms that a notary would have no foreknowledge of.

I believe Bobbie/CT was pointing out a general precaution, not a particular lender.

There are all sorts of unlicensed people both in sales and origination running amuck and constantly getting busted. It's an ongoing problem.

Best to be on guard and not get caught up in the problem.
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Messages in this Thread
 Please remember when "picking up" loan applications... - BobbiCT on 7/16/19 7:01am
 Re: Please remember when "picking up" loan applications... -  Cheryl Elliott on 7/16/19 7:24am
 Re: Please remember when "picking up" loan applications... - Luckydog on 7/16/19 10:25am
 The terminology I hear is "Disclosures", not "Applications". -  MW/VA on 7/16/19 1:43pm
 BobbieCT Can You Please Clarify Something . . . -  PegiT_MN on 7/16/19 2:58pm
 Good point, Bobbi. Does it go beyond simply "picking up" ... -  John/CT on 7/16/19 6:41pm
 Describe (point out key elements) is not explain. Big diff.. n/m -  John/CT on 7/16/19 6:47pm
 Re: BobbieCT Can You Please Clarify Something . . . - jnew on 7/16/19 9:48pm
 Clarify Something . . . - BobbiCT on 7/17/19 6:54am
 Re: Please remember when "picking up" loan applications... - Bear900/CA on 7/16/19 11:05pm
 I got an email yesterday for a RM loan application. They -  MW/VA on 7/17/19 10:28am
 RM loan application. - NVLSlady/VA on 7/17/19 5:09pm

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