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Does your Loan Officers Credit Score Matter to You?
Does your Loan Officers Credit Score Matter to You? Nationwide Mortgage Licensing System now Checking S.A.F.E Act Loan Officers Credit Reports
St Paul, MN: In reaction to the mortgage market meltdown that exploded onto the market in early 2007, Congress went after what they believed to be a major contributor to the problem, the lack of licensing and standards for Loan Officers.
The result was the S.A.F.E. Act of 2008, which requires pre-employment education, passing a difficult Federal test, passing difficult State tests for each state the Loan Officer is conducting business, yearly continuing education, criminal background checks, and as of Nov 1, 2010, a review of the Loan Officers personal credit report.
While just about everyone would agree that this was a move in the right direction, Congress seriously dropped the ball. The S.A.F.E. Act, only requires non-bank Mortgage Loan Officers and Loan Officers working for Mortgage Brokers to meet the requirements. Loan Officers at big banks, Wells Fargo, US Bank, Chase, Bank of America, and any other Federally Charters Bank ARE NOT REQUIRED to do anything except register their name in the system. This has created a huge gap in knowledge, experience, and Loan Officer quality.
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