All Mortgage Loan Originators are not the same
For the vast majority of people, buying a home is the largest single transaction in their lifetime
Shouldn't you know exactly who you are dealing with in this transaction?
As of 2010 all Mortgage Loan Originators that work for a Mortgage Banker or a Mortgage Broker needed to be Licensed Both on the Federal and State level. This is the NMLS, or Nationwide Mortgage Licensing System
What exactly does that mean, besides us having to write out more checks?
- For our Federal License we needed 20 hours class time, We needed to pass Federal Background checks, We needed to have our Credit Reports checked and we needed to pass the licensing exam.
- For our State License we had additional class time (varies by state), We had to pass the State Test, In NJ we had to pass a State Background check (NJ must not trust the Federal check!) we also need 12 hours of Continuing education.
Now you have an idea of what it entails to get that NMLS number you see on business cards etc...
But there is more: Because of the NMLS you now have a place to check on your Mortgage Guy or Mortgage Gal.
This is a useful off shoot of the NMLS: As a Consumer, or a Realtor you can click on the above link or type in nmlsconsumeraccess.org in your web browser and check up on any Licensed Mortgage person
There is quite a bit of information here:
-
- Where they worked in the past
- What state they are licensed in
- Are they Authorized to conduct business
- Where they currently work
- And even Branch Licensing info
It is basically a resume provided by Uncle Sam that lets you know that your Loan Officer is "fit for duty"
Not every loan officer is required to be licensed. As of today, Loan officers that work for a Federally Chartered bank are not required to do any of the above, No class time, no back ground checks, no credit report, and they don't have to pass a test.
So, over a year ago I was poked, prodded fingerprinted (twice), tested and I am an Officially Licensed Mortgage Loan Originator. #248937 to be exact
Now you know where you can check up on me, or on any Mortgage Loan Originator you may be considering to handle the biggest transaction in your lifetime!
Have a great week.
Rob
Mortgage Loan Originator/Mortgage Banker
NMLS ID# 248937
www.RobertRaufHomeLoans.com or my blog: http://activerain.com/blogs/rrauf
(732)223-1630 x102
Since 1987 I have been helping my clients fulfill their dream of home ownership!
Real Estate Mortgage Network Inc.
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