Will your Loan Officer, Loan Professional or Mortgage Originator be licensed in 30 Days?
The purge in the industry continues as of mid-April 11,667 Loan Officers are Currently Licensed. 188,333 are not licensed under the NMLS that are doing loans today! As little as two ears ago there were over 500,000 loan professionals on the US. Initial indicators were that 30% (December – January) were failing. As people panic to get their tests out of the way the fail rate has gone up to 70%. This is really startling considering that this is an entry level examination.
One of the drawbacks to the new SAFE Act Test is that each time it is failed you have to wait 30 days to take a re-test! Then if you happen to fail three times then you have to then wait 6 months for a re-take.
So while you are shopping for your new home, refinancing or are a Realtor checking Credentials or referring a mortgage professional the first question you should ask is did they pass the SAFE Act web site and ask for their NMLS number and check it. If you don’t you may find that your loan person is taking your order at the drive through and someone you don’t even know is handling the loan only to have it fall apart at the last minute.
Full Disclosure: I took the SAFE Act Test in December and passed it and then got my CMPSI Certified Mortgage Coach Designation.
Until Next time
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