What is the Difference Between “Licensed Originator” & “Registered Originator”?

You are probably asking yourself why should I care?  Let me explain

There is a big difference between a” Licensed Originator” and a “Registered Loan Officer”.

Licensed  Loan Originator –
*        20 hours of training courses
*        Pass National Licensing Test
*        Pass State Licensing Test
*        Criminal Background check
*        Fingerprinted
*        Credit report analyzed annually
*        Listed on a national website for consumers to check status

Registered Loan Originator (bank employee)
*        Routine background check-but by the bank they work for
*        Listed on a national website for consumers to check status

Please check out my credentials at www.nmlsconsumeraccess.org, then enter my license number 245378.

If you have talked with other loan officers (which I encourage you to do) please ask for their license number and check them out as well.

And if they don’t have one?  Well…if I were you, I’d think twice!

 

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