Loan Officer Licensing

By
Mortgage and Lending with Mortgage Pro

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!

 

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Rainer
304,164
Cynthia Tilghman, RealtorĀ® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC

Michael,
I think this is good news.  Let's weed out the bad apples and keep the good ones like you.

Jul 29, 2008 11:48 PM #1
Rainer
78,554
Kim Murphy
Draper and Kramer - Lombard, IL
Mortgage Loans in DuPage, Kane, Cook, Lake, Will C

Michael - I have had to be licensed for the last 3 years now.  We had a test, fingerprinting and background check as well!  The only difference here is that "banks" are currently excluded!  It has weeded (is that a word?) out some, but the market has done that too.  I am frustrated that anyone originating loans at a federally charted bank are exempt!  We are doing the same thing, why exclude them?  Not a very level playing feild!

Aug 18, 2008 02:52 PM #2
Rainmaker
4,432,971
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is a good idea. Thanks for the information.

Oct 01, 2008 07:23 AM #3
Rainmaker
94,783
Jan Gaweda
Realty Mark CityScape- BUY SELL FIX FLIP RENT - Norristown, PA
BUY SELL FIX FLIP RENT

I agree that this is a good idea. I am also glad that banks are included as well.

Oct 15, 2008 05:58 AM #4
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Rainer
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Michael Delp

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