Marilynn English
Licensed Mortgage Banker, New Jersey
Licensed Mortgage Broker, Maine
As a Licensed Mortgage Banker, I have long been an advocate for the proper training and licensing of
loan officers. On March 28, 2007 I appeared as a guest on the Channel 9
(FOX) television show "Real Talk" as part of a panel discussing
predatory lending and unscrupulous lenders.
Press
“Buyer Beware”
You need a license in New Jersey to cut hair, do nails, even groom a cat or dog.
But to sell a mortgage loan – the single most expensive investment
most consumers will ever
make – all you need is $100. No education, no
criminal background check, nothing.
No wonder the state, which had 11,000 loan officers in 2000, now has some 40,000, whose sole fiduciary responsibility is to themselves. The State Department of Banking and Insurance will register anyone who can fill out a one-page form and pay an annual $100 fee.
“A
Realtor has to be tested; an attorney has to be tested. But a person can
write mortgages and put people in millions of dollars in debt without a
single continuing education requirement? It doesn’t make sense at all,”
said Marilynn English, President of English Financial in Cedar Grove,
who has been fighting for years for the licensing of loan officers in
New Jersey.
“Under the current laws, for $100, Joe the Pizza Delivery Man can write mortgages in New Jersey,” she said.
