National Mortgage Licensing

Reblogger William True
Real Estate Broker/Owner with True Sarasota Real Estate

As a licensed mortgage broker in the State of Florida, I have seen the business evolve through the recent recession, and I'm not sure if the outcome is what many consumers have been hoping for. The Sarasota real estate market has also evolved and now with prices at very attractive levels combined with still low rates provides for a great opportunity for people buying homes in Sarasota.

Original content by George Souto NMLS #65149

It has been a while since I last wrote a blog here on ActiveRain.  A lot has been going on which has kept me from being as active here in the Rain as I have been in the past. The Tax Credit has kept me very busy especially since a major part of my business comes from First Time Homebuyer.  But the other thing that has been taking up a significant part of my time is the National Mortgage Licensing that all Loan Officers, except for Bank and Credit Union Loan Officers, are now required to go through, and be licensed Nationally as well as in the States that they do business in.

The National Mortgage Licensing Systems (NMLS) requires each Loan Officer to go through 20 hours of class, plus take a 100 question test, and obtain a score of 75 or better.  Loan Officers will also have to pass a 50 question State Licensing Test also with a score of 75 or better.  Loan Officers will also have to do 8 hours of continuing education each year to maintain their license.

In the past Loan Officers here in Connecticut were licensed under their companies license, and only had to pay an annual renewal fee.  This made things very easy for Loan Officers, especially Loan Officers that worked for Internet Companies to do business where ever their company was licensed.  The NMLS has changed all of that and now not only does the company have to be licensed as before, but now their Loan Officers have to obtain their own National License as well as a license for each State they want to write loans in.

One would think that a Loan Officer who has been in the business for a number of years should breaze through this, and for about half of the test this is true.  But 35% of the test is based on Laws and Regulations and that requires a lot of reading and studying for any Loan Officer.  The State test inparticularly is all about Laws & Regulations.

I have completed the National Test and Connecticut has finally come out with the State Test which I am studying for now.  The material for the State Test is much less than the National Test, but most of the material deals with things that are not part of the day to day job, so it will require a number of hours of studying as well.

Hopefully the new licensing requirements will reduce the number of people that should never have been in this business, and who contributed to the problems that the Industry is going through now. I hope to be back blogging regularly again in the near future. I do have a couple of blogs that I need to write soon regarding up coming changes.  Until then I will continue to visit and comment on blogs as I have been.

 

******************************************************************************************************************

Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
313,396

William True

Sarasota Real Estate
Ask me a Question
*
*
*
*
Spam prevention