Dodd-Frank Consumer protection Act

http://www.youtube.com/watch?v=LlfSTziqeCo

Big Bank Loan Officer vs Mortgage Professional

http://www.youtube.com/watch?v=4rif6r0vwyE

The Safe Act of 2008 Part 2 and Loan Officer Compensation

http://www.youtube.com/watch?v=mkortMFx-yk

Licensed Mortgage Professional vs bank loan officer explained

http://www.youtube.com/watch?v=je7-FFXJBaM

Licensed Mortgage Loan Office

Pass national licensing test

Pass state licensing test

Criminal background check

Fingerprinted

Credit report analyzed annually

Listed on a national website for consumers to review

Registered Mortgage Loan Originator (Bank employee)

Routine background check - by the bank they work for

Listed on a national website for consumers to review

Only mortgage originators who have an NMLS number can do business. Therefore, be sure the originator you are working with has a number.

Interested to get a general idea of the pass fail ratio * and how many mortgage loan originators (MLO’S) are still in business? I wonder how many mlo's that could not pass all the stringent testing are now working for a Federally Chartered Bank because they are not subject to the same requirements / test etc???   *http://mortgage.nationwidelicensingsystem.org/profreq/testing/Documents/SAFE%20MLO%20Test%20Pass%20Rate%20Announcement.pdf

 Verify a mortgage company or individual at http://www.nmlsconsumeraccess.org/

FYI: http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1498

http://www.nmlsconsumeraccess.org/EntityDetails.aspx/INDIVIDUAL/18693

http://www.nmlsconsumeraccess.org/EntityDetails.aspx/INDIVIDUAL/18699

Dana K. Bain

President

MLO 18693

www.PremiereMortgageServicesInc.com

www.BainMortgage.com