Mortgage Finance Blog

New Laws, Greater Trust in Mortgage Lending

February 18th, 2010 10:33 AM by Diego Quintero

I am excited for new and prospective home buyers as they reap the benefits of government changes. At a time when America distrusts the big banks and the banking system as a whole, the government has given us a reason to have faith and trust in mortgage banking. The movement toward “Mortgage Loan Originator” licensing, is in full-swing.

Your licensed professional will now be required to attend continuing education approved by The National Mortgage Licensing System. Further, all loan officers who are employed by brokers are required to pass a National exam and a State exam. Until recently, only brokers required testing. Having just completed both exams, I can attest to the challenge they beset.

Some other key highlights for licensed loan officers include:

A legal record clear of felonies (i.e. driving under the influence, fraud, money laundering, etc.)
Exceptional credit history
FBI background search & fingerprinting

It is comforting to know that your mortgage professional, the person privy to your most private financial information, meets all of these requirements. The next time that you apply for a loan - ask your loan officer, “Are you a licensed Mortgage Loan Originator?”

You may find that when you apply with the large institutions, your loan officer may not be licensed. The law does not mandate loan officer licensing for those who work for banks under a Federal Charter. Use your best judgment on who to trust. For more information on the SAFE act visit, http://www.hud.gov/offices/hsg/ramh/safe/smlicact.cfm

Your mortgage professional,

Diego L. Quintero
NMLS Unique Identifier 15426
Connecticut License- LO-15426
Arizona License-LO-0922845

Posted in:General

Posted by Diego Quintero on February 18th, 2010 10:33 AM

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New Laws, Greater Trust in Mortgage Lending

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