April 4th, 2011 10:56 PM by Robin Bain
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
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