$30,000 in civil penalties and banned for two years!
From what I hear in DC this is the first, of what will be many lessons, that teach mortgage originators that they are responsible for following the regulations, as well as the company they work for.
I’ve heard from so many executives who say they lose originators to companies who are clearly functioning outside of regulation. The originator tells them that “it’s the companies’ problem, not mine”. Not true! And if you value your career you will pay attention to those regulations as ignorance is not bliss!
Just like real estate agents, loan originators will begin to lose their licenses, their income and incur fines, if they choose illegal practices.