Premiere Mortgage Services Inc. - Dana Bain

Licensed Mortgage Professionals vs Bank Loan Officer & Loan Officer Compensation. Dana Bain

April 4th, 2011 10:56 PM by Dana 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

Licensed Mortgage Professional vs bank loan officer explained

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/

Dana K. Bain

President

MLO 18693

Posted in:General

Posted by Dana Bain on April 4th, 2011 10:56 PM