Your Credit Report vs. Your Mortgage License–Heads Up!

Beginning November 1,  NMLS says that all LO”s are supposed to log into NMLS and authorize TransUnion to send a credit report (electronically, within NMLS) to their regulator(s). “MLOs will have to answer 3-4 questions about themselves in order to verify their identity with TransUnion before the credit report is generated.

So,  what’s “wrong” about the way loan officers have to be licensed?  ..first you pay all that money, spend all that time getting your license and only AFTER you’ve done that…will they pull a credit report…too see if you can continue doing loans.   I’ve heard of loan officers who are “on probation” because they had a collection 3 years ago.  Another state has suspended a LO’s license because of back child support (yeah, the child support needs to be paid–but how can he if he’s not working?)

It’s the cart before the horse scenario.

While a company may pay for the credit report through NMLS, only the MLO will be able to complete the identity verification process.” http://mortgage.nationwidelicensingsystem.org/profreq/credit/Pages/default.aspx. for more info on what’s involved and the fees.  Be sure to click thru to the OTHER links  on the website page metioned above.

I recommend that you check out your state’s “financial responsibility” measuring stick.  Your report will be sent to your state and they will contact you if problems. 

Keep up to date on all the rules and regulations with www.MortgageCurrentcy.com.  Try for $1 (just one buck)…