Around 400 mortgage originators on Long Island got newly-mandated licenses in order to complete loans, while another 2500 have at least one more month to pass a mortgage broker test for New York and complete a few other state banking requirements.
As of July 31, 2010, mortgage loan originators who want to work in New York must be licensed and be listed in the Nationwide Mortgage Licensing System and Registry (NMLS) , which allows consumers and regulators to check the license status of the mortgage loan originator (MLO). The licensing laws combined with the national system has taken years to implement; it’s Legislation cracking down on massive fraud in the industry and a way to track workers who jump for job to job, usually because they have been fired for making bad loans.
New Yorker will find comfort in the fact that when they meet a MLO who is sponsored by mortgage bankers and mortgage brokers, that these individuals are licensed professional who are more than qualified, but have had a criminal background check and had extensive education in mortgage law. What’s more are those consumers now having resources at their fingertips to confirm for themselves that the MLO is properly licensed to originate mortgages.
The bottom line is anyone who wants to sell loans in the state of New York must take 20 hours of classes, pass a test and get a criminal background check .
Related posts: