Bet you didn't know that there are no mortgage loan specialists in Las Vegas, NV. That's right, not a one. No FHA Specialists, no VA specialists, no first-time buyer specialists, etc. How can this be you say? What has happened to the mortgage industry in Nevada?
The MortgageLending Division is what happened. My sources tell me that they are going to begin cracking down on loan officers who claim they are "specialists" or "experts" in their advertising, newsletters, websites, and blogs. According to my source, the MLD is going to start penalizing and fining mortgage companies for using either of these terms, and if the practice continues after the warning and fine, then the loan officer's license will be revoked.
Now "Expert" has long been a word ActiveRainers realize can be misused, over-used, or just downright wrong (see Matt's blog on the subject), and that's one most loan officers have shied away from in the print/tv media. But a specialist is (by using the good old Merriam-Webster definition):
SPECIALIST "one who concentrates one's efforts in a special activity, field, or practice"
What's wrong with that I ask you? Don't many of us in the real estate industry prefer to specialize, knowing that often times finding a niche and working it can produce more income than the wide-net appraoch? I personally concentrate my efforts on divorcing couples and how to deal financially with their mortgage. I've spent years reading, training, and even presenting information on "Divorce and Your Mortgage" which certainly doesn't make me an "expert" but does, by definition, make me a "specialist."
I've argued this point with the MLD on several fronts for the past few months to no avail. I had originally wanted to say "Divorce Mortgage Specialist" which they nixed. I then argued to be able to say "a Mortgage Broker Specializing in Divorce," but that too was shot down. Apparently the only way to set myself apart on this particular subject is to say "concentrating on" or "focusing on."
So take heed fellow loan officers in Las Vegas, NV--the MLD Specialists are out to get you!