Now that my mortgage site is up and running (kind of) I am going to start blogging with mortgage updates and my thoughts on the mortgage industry!
Yesterday “Origination News” came out with a news updated; The “head count” for “licensed loan originators”
According to a new head count, banks and their mortgage affiliates employ 350,000 registered LOs. Nonbanks—also known as “state-licensed companies”—have registered 109,000.
For those of you not in the wonderful mortgage industry I will explain. The S.A.F.E. Act requires that mortgage brokers who are “Non-Bank” employees must be registered and licensed (Nationally in addition to any state we want to originate loans in).
We had to go through some pretty tough testing; the pass rate is typically 40% or less. State and Federal Government also run background and credit checks on us and then we have to be approved and “licensed”.
Bank loan officers do not have to take any national or state tests, their employer (the bank) runs a background check and registers them on the national site.
I am so happy to say that I have passed the National Test, Missouri and Kansas test! So I am 1 in 109,000.
When you talk with loan officers ask them for their NMLS # and then check them out on NMLS here is my license number 245378.
I will be putting more blogs up very soon So be sure and “Stay Tuned”
Senior Loan Analyst
(816) 728-1384NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720 360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068 NMLS # 80777
P.S. Hey if you know of someone who is wanting to take advantage of the historically low rates with a refinance or purchase have them contact me…