Recently, there have been some changes in the mortgage industry. Some good, some overkill.
One of the good changes was requiring loan officers to obtain an federal loan originator license. Prior to this, some loan officers had no license.
One of the overkill changes was requiring the mortgage company submit to the government a quarterly report with a list of transactions in process.
Regulation is important. But the government asking for a list of which files I'm working on is overboard. Talk about over-regulation. This takes the cake.
Can you imagine if each business had to provide a client list to the government and the status of each transactions each month?
Yes, the mortgage industry needed some fixing. But this level of reporting is simply overkill and needs to be rescinded