January 6th, 2011 1:42 PM by Robin Bain
Is your Mortgage Loan Officer NMLS licensed?
Premiere Mortgage Services Inc.
You may be surprised to find out that the loan officer sitting behind the desk at your local Bank or Credit Union may not be licensed for participation in mortgage lending activity. You see, with all the changes taking place to protect consumers it is currently only mandatory for all Mortgage Loan Officers and Mortgage Brokers that work for a Non-Depository Lender to be licensed in the state they take a Loan Application and put a Loan in process in. A Depository Lender simply has to have their loan officers registered under their Lending Institutions License.
With the new licensing change in effect requiring National Standards under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, http://www.hud.gov/offices/hsg/rmra/safe/sfea.cfm (part of the FHA reform bill) it is mandatory for Mortgage Loan Officers with Non-Depository Lenders to be registered through the Nationwide Mortgage Licensing System (NMLS).
This is a HUGE step in the right direction and though lobbyists have been able to prevent Mortgage Loan Officers with Depository Lenders from falling under the same standards it is hoped that they too will soon be forced to comply.
This new licensing structure maintains a live record of every Mortgage Loan Officer with Non-Depository Lenders and tracks their every move, including monitoring their individual credit reports as a factor of maintaining their NMLS license.The requirements include, passing state and federal tests, background investigations, finger printing, pre-education, continuing education,... listing in a national registry and personal credit acceptability. To initially obtain the NMLS license, 20 hours of educational classes must be completed and a State and National exam must be taken (2 separate lengthy tests) and passed. Each year thereafter, 8 hours of continuing education must be completed to keep the license current.
Requiring more out of this profession has lead to more Loan Officers leaving the business, moving over to Depository Lenders, or dare I say operating illegally part time perhaps under a licensed NMLS Broker. To protect yourself, it is important to make sure that your Mortgage Loan Officer is licensed.
Your Mortgage Loan Officer should have their NMLS # (mine is 18693) printed on all identifying pieces such as their business cards, website, email, flyers, etc. The NMLS has also provided a consumer site to look up your Loan Officer to check on whether they are indeed licensed. http://www.nmlsconsumeraccess.org/
SAFE ACT LO’s
Chartered Bank LO’s
20 hours upfront education
8 hours continuing education
Fed and state testing
Licensing fees and renewals
Premiere Mortgage Services adheres to a set of best practice guidelines created by the National Association of Mortgage Brokers, including, but not limited to:• Disclosing accurate information in all solicitations and advertising • Informing clients, in writing, of lock in options • Explaining all documents of the loan application, as well as the loan process • Charging only the fees disclosed on a good faith estimate upfront Gaining a high rating from the BBB means more than adhering to simple guidelines, though. Registered customer complaints through the BBB lower ratings using the Bureau’s proprietary formula. Dana Bain and Premiere Mortgage Services have maintained their A+ rating with no registered complaints in the past 36 months, the length of a BBB reporting period. “We think our commitment to our customers shows in this rating”.For more information, visit Premiere Mortgage Services, Inc. www.BainMortgage.com About Premiere Mortgage Services, Inc.:Premiere Mortgage Services, Inc. was incorporated in 1996 under the mortgage broker business licensing statutes of the Commonwealth of Massachusetts. Founded by current company President Dana Bain, Premiere Mortgage maintains strong professional accreditation through membership in the Massachusetts Mortgage Association, National Association of Mortgage Brokers, National Association of Independent Housing Professionals, and the Better Business Bureau.
Please find information below including testimonials, & agencies that reflect that Dana Bain Premiere Mortgage Services Inc. has an excellent record, no complaints and are commitment to our clients.
Dana K. Bain
1 Malvern Hill Road
Sterling, MA 01564
Phone: (978) 422-2311
Toll Free: (800) 480-0545
Fax: (978) 422-2313
MA Lic. No. MB1205
Licensed by the State of NH Banking Dept. Lic. No. 5430-MBR