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Khash Saghafi NMLS, Mortgage Loan Officer, Cleveland OH NMLS 1114762 (Liberty Home Mortgage Corporation)

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Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

I was aware of that and it is NOT comforting.

Aug 18, 2018 06:13 AM
Rainmaker
5,216,370
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Only a few understand the difference between "registered" and "licensed"!

Aug 18, 2018 06:04 AM
Rainmaker
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Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

K#Tag . . . 😉
I don't know about any other state, but I do know that several years ago in Arizona, the mortgage people were all scrambling to take the courses and get their licenses. So I believe that everybody that we work with in our area is licensed.

Aug 18, 2018 04:57 AM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

I would guess out of almost 3 million agents about .000128%; however, that is just a guess.

Aug 18, 2018 04:43 AM
Rainmaker
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Peter Mohylsky, Beach Expert
PMI. Destin - Miramar Beach, FL
Call me at 850-517-7098

I did not know but then I do vet the people I do business with.

Aug 18, 2018 04:41 AM
Rainmaker
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Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Didn't know that but could be why the 'bar' is so low at the local banks. That's not right.

Aug 18, 2018 05:42 AM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

is that because some banks keep their loans in-house.... they are not conforming to secondary market rules but the person applying may be a very strong candidate for a loan...  that's how I see it... I've had many in the past who were not considered "perfect candidates" but were strong buyers and local banks gave the loans...

 

Aug 18, 2018 05:32 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Probably the number is very similar to the number who dress up and sell real estate that are not licensed agents.

IF a person works in the show room of a new development, the sales person does not need a real estate sales license in the state of Florida.

I'm not sure what I would do if a buyer I represent has elected to use a loan officer who is without a license. I do know what I have done when Wells Fargo, Bank of America or Chase are in the equation. 
"DO you REALLY want to buy this house?"

Aug 18, 2018 05:19 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

In NH until a few years ago, no loan officer needed a license. now they ALL do no matter who they work for

Aug 18, 2018 05:18 AM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I only work with licensed people.

Aug 18, 2018 05:18 AM
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Same with property managers who work for private parties too

Aug 18, 2018 05:36 AM
Rainmaker
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Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I was not aware of that Khash Saghafi I only work with licensed mortgage brokers. 

Aug 18, 2018 05:27 AM
Rainmaker
4,571,967
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Yes, I knew this.

Aug 18, 2018 05:17 AM
Rainmaker
7,835,396
Roy Kelley
Retired - Gaithersburg, MD

Thanks for the reminder.

Aug 18, 2018 04:44 AM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I was not aware of this.  On the bright side though, I don't know many companies that don't at least do a cursory pre-employment background check that involves criminal and credit.

Aug 18, 2018 08:57 AM
Rainmaker
613,494
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

...all you have to do is ask some of them questions and you will not be surprised that they have no schooling or a license.

You are correct about the banks.  The worst thing is that the loan officer is on salary and not paid when it closes...so they don't care when or if the deal closes.

Eve

Aug 18, 2018 07:45 AM
Rainmaker
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Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

I hadn't really thought about it but I thank you for the information

Aug 18, 2018 07:14 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I didn't know.  But dealing with some of them, I had strong suspicions that this was the case.

Aug 18, 2018 05:51 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Michael Jacobs nailed this one!

Aug 18, 2018 05:26 AM
Rainmaker
953,617
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide
With respect, it's not an issue of having a NMLS registration or not, actually that is meaningless to me, as long as the bank loan officer is competent in knowing their product and follows through in the process...that is all that is needed.
 
There are many incompetent NMLS registered loan officers that I would stay far away from!!
 
The bank's loan officers are granted, authorized or "licensed" to do business by their bank's authority. Banks worth their salt would have the proper training and vetting in place, as with everything, there are exceptions.
IMHO
Aug 18, 2018 03:08 PM
Rainmaker
1,239,801
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

In our brokerage 70% agents are broker-associates and 40% also have State loan and NMLS licenses. If you need a lawyer we have 4 esquires.  Two insurance PT agents. Most experienced realtors have performed lending mortgages for others before there was any regulation on licensing.

The one we really need is an in-house CA notary public. 

 

Aug 18, 2018 11:44 AM
Ambassador
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

       Banks amaze me and amuse me.  They are worth a trillion bazillion dollars... but when you walk into the bank, you speak to a Teller who may have only a high school diploma and is barely making a living wage.

Aug 18, 2018 11:21 AM
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Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I suppose it's like licensed and unlicensed real estate assistants - they have someone whose license is on the line who takes the heat for any mistakes they make?

Aug 18, 2018 07:34 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I knew this, but as I work with a very limited number of lenders whom I know well and with whom I have long standing relationships, it's not been an issue that was of concern to me.

Aug 18, 2018 07:19 AM
Rainmaker
1,045,440
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

Have never thought to ask or conduct a survey.. do you know how many?

Aug 23, 2018 08:52 AM
Rainmaker
4,935,567
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I believe they must all be in the state of Colorado now.

 

Aug 23, 2018 07:27 AM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

They ar if they are working with my clients

Aug 20, 2018 08:24 PM
Rainmaker
634,531
Jason E. Gordon
CMG Mortgage, San Diego, CA - San Diego, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

A simple inquiry to http://nmlsconsumeraccess.org/ will allow full access to licensing credentials.  Consumers/Agents can also Google "NMLS lookup" and find this URL at the top.

Aug 20, 2018 01:13 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Khash Saghafi - my guess would be same as yours .... 0.000127%

Aug 18, 2018 10:27 PM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Big money speaks, and that is why we suggest to our clients to seek out more than one lender.

Aug 18, 2018 09:28 PM
Rainmaker
911,228
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Me. there was a case here recently where a buyer got pre-approved by a man who was pretending to be a loan officer and wasn't associated with any bank or mortgage company.

Aug 18, 2018 05:56 PM
Rainmaker
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JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Good point to bring up here. I don't think many Realtors or consumers know this about Loan Originators. 

Aug 18, 2018 02:31 PM
Rainmaker
763,783
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

I am

Aug 18, 2018 11:50 AM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I was not aware of it.

Aug 18, 2018 08:26 AM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I am well aware of that.  It is among the many reasons I do not recommend anyone get a loan from a Big Bad Bank!

Aug 18, 2018 08:02 AM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Aware!

Aug 18, 2018 07:57 AM
Rainmaker
1,543,623
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

I only work with Jason E. Gordon and if my listing receives an offer from a questionable lender, Jason cross approves them.

Aug 18, 2018 07:34 AM
Rainmaker
2,182,502
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

This can be a huge problem

Aug 18, 2018 07:17 AM