I recently was notified by my office that Mortgage Originators like myself will need to be licensed. Applications will be taken beginning in November of this year. This includes Loan Officers in Banks as well as Mortgage Consultants working under a Mortgage Broker.
You will need to fill out Form MU4,which is the application for a "Uniform Individual Mortgage License". There is a questionnaire to fill out, as well as a requirement for continuing education. There is also Fingerprinting and background checks involved.
This will help the banking Industry keep track of who is doing the bad loans and make it easier to prosecute flagrant offenders. It's about time we got rid of the bad apples in the bunch!