I'm a loan originator. You have to take a 20 hour federal s.a.f.e. course and pass which costs $300. Then take a federal and state exam, $200. Then submit fingerprints, a criminal background check, have the government pull your credit. Then once your cleared you pay $350 for your license. Then you take an 8 hour course and pay for a license renewal every year. Also, every loan your company does must be recorded as to type, loan amount, lender, your fees, etc and sent into the government every three months. Also, we do all four types of loans which are conventional(Quasi-free market), FHA(government insured), USDA(government guaranteed), and VA(government guaranteed). Also, while doing all of these loans and conducting your business there are specific rules you must follow as to how you can advertise, what questions you are allowed to ask the borrower, what disclosures you must give the borrow and within how many days of X. The government can revoke, suspend, deny renewal of your license, or fine you if you fail to meet the guidelines. They also do yearly audits of your business. And I work for a small brokerage company with four people. Talk about burdensome regulations to small business. And I almost forgot, every home buyer you close a loan with must sign a Patriot Act form to quote "help America fight terrorism".
"Where liberty is, there is my country." -Benjamin Franklin
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