The Motley Fool Discussion Boards

Previous Page

Personal Finances / Buying or Selling a Home

URL:  http://boards.fool.com/if-the-majority-of-the-public-believes-that-there-30300948.aspx

Subject:  Re: The housing market and the candidates Date:  10/4/2012  7:19 PM
Author:  Dwdonhoff Number:  124335 of 126958

If the majority of the public believes that there is no distinction, then at least one definition IS that there isn't a distinction. Dictionaries and definitions are based on how terms are used, so if many people say they're the same thing, they are the same thing
*ONLY* to the ignorant, which we are theoretically supposed to trust the POTUS is not.

The term 'loan officer' describes a subset of both loan brokers and retail lenders, the latter 2 being distinct from each other in a financially and legally important way.

Using the term 'loan broker' as synonymous with 'retail lender' or 'loan officer' may be a common colloquialism, but its a very significant distinction legally and financially... and anyone in the related legal or financial industries would expect anyone seeking an office regulating that industry to display their understanding (or at least avoid displaying obvious ignorance.)

Obama pulled that off, this time... so the hope is he's been schooled in the legal and financial distinctions so he doesn't appear as ignorant.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us