If you can't satisfy the requirements to become a licensed Mortgage Loan Originator...well you can always just go to work at a bank

I am a licensed "Loan Originator" working for a mortgage company...what does that mean.

as a "loan originator" I need to meet certain specific financial and educational requirements in order to qualify for licensing through the NMLS, the national licensing sytem established to regulate a "Loan Originator."

It would be easy just to say that the loan originator has replaced the mortgage broker, but actually it's more than that.

Here's why;

the "Loan Originator" must meet some fairly stringent standards established through the NMLS system, including but not limited to:

Financial:

in most cases no bankcruptcies, foreclosures, and or judgements. Other credit related issues considered to be significant could also prevent someone from obtaining a license.

Education;

you must meet upfront educational requirements, and pass a state test. You must also meet annual educational , legal/background, and credit requirements, to be eligible for renewal.

Your performance is evaluated on an annual basis. You must behave and conduct your business appropriately.

anything else;

I don't know, how do you feel about being fingerprinted and passing an FBI/criminal background check? Also, the state will pull and review a credit report, and they need to deem it to be satisfactory.

Oh yeah, you probably saw this coming;

get out your checkbook

So would you feel it might be safe to say that one must really want to be able to perform in this position in order to go through the licensing requirements. And I'll go a little further, and say that the individuals who meet these requirements and do become licensed are in all likelihood, in most cases, the industry leaders.

You may be wondering, and/or assuming that the mortgage lenders at the banks must meet the same requirements, but the answer is

Noooooo!!!

The legislation that requires this licensing was not imposed upon the federal banking institutions. And, before you go further and assume that the banks would not hire anyone who they know was unable to become licensed, let me help you out.

they would and they have.

So, if you think that I have a sense of pride in being a licensed "Loan Originator," you're right I do. Further, if you think I believe that anyone who participates in the mortgage industry should have to satisfy the same requirements, right again.

But here's how things are, the reality of it all.

If you can't satisfy the requirements of becoming a licensed "Loan Originator," and want to work in the mortgage industry, don't worry, you can always just try the bank.