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My Loan officer talked a big game! But they couldn't pass the mortgage exam!
 
My loan officer talked a big game!  But they couldn’t  pass the Mortgage exam!
 
 
Lawyers pass the BAR exams in order to practice law.
 
 
 
Accountants, CPA’s and tax attorney’s all pass different tests in order to obtain their designations.
 
Dentists, Doctors and Surgeons pass a multitude of exams in order to practice medicine.
 

 
 
 
And NOW loan officers must pass extensive exams in order to originate loans!
 
 
 
IS YOUR LOAN OFFICER LICENSED OR JUST REGISTERED? 
 
What is the Difference?
 
There’s a lot of alphabet soup out there when it comes to registration and licensing.  DRE, DOC, NMLS etc.  What does it all mean? If a loan officer has their real estate license, does that mean they are LICENSED?  Nope! Not under the NMLS !
 
 

Effective July 1, 2010 all Mortgage Bankers and Mortgage Brokers Across the country will require their loan originators to be licensed through the NMLS (Nationwide Mortgage Licensing System) 
However! Based on an exemption in the laws, the big Interstate Chartered Banks do not require their loan originator working for a big bank such as Chase, Wells Fargo and ... more

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