I can remember vividly how back in 2005 the mortgage industry was like the Wild West. Because of the repeal of the Glass-Steagall Act during the Clinton years, the mortgage industry became crazy. Now both commercial banks and investment banks could become one entity. Not a good idea. Either way this led to mortgage brokerages sprouting up everywhere. Speaking for myself I was in the San Fernando Valley at the time and along Ventura Boulevard your could throw a rock and hit a small chop shop.
It wasn’t exactly like there was learning mortgage broker industry training, it was every man for himself. It seems like these fly by night shops simply hired young hungry kids, made them into “Account Executives” and cut them loose with a phone and phonebook. And the one thing I can tell you that every one of them could have used Training Pro.
I’m not naive in saying that if some account executives would have had mortgage broker training that this economic disaster could have been completely avoided. But I can say that it definitely would have helped. Well, the training coupled with a book on ethics perhaps. I’m not a regulation guy, but I do think that there should be a section included in the test that potential brokers are forced to pass that deals with more training and more ethical business practice. I guess we never will know what truly could have been avoided with the proper training. Let’s just hope we learned from our mistakes.
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