January 29, 2018…KNOW YOUR LOAN OFFICER. One of the main issues when I got in the industry back in 2004 was who was, and who was not, a professional loan officer. What does that even mean? Well the creation of the NMLS (NATIONWIDE MULTISTATE LICENSING SYSTEM / NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY) as a direct result of the financial meltdown in 2007/2008 went a long way to defining that very thing…and they made that information readily available to the public at http://www.nmlsconsumeraccess.org
A loan officer appears here under the following set of circumstances:
1. They are a State/Federal bank employee and therefor have met a rigorous set of standards as well as gone through an extremely detailed background check.
2. They have passed a State sponsored test and have been sponsored by a non-banking entity (Broker or Mortgage lender) to originate loans.
The NMLS has made it very easy for the consumer to “check up on” various people identifying themselves as loan officers. Once you click on the http://www.nmlsconsumeraccess.org link you will see the Loan officer’s name in question (If you can’t find them try searching by the unique number every Loan Originator is issues…this should be on his/her email signature)
Once you have found them you can click on their name and their profile page will load. You can see who they represent presently, as well as their history within the industry.
Some things to watch out for:
1. Make sure that they are sponsored. If they are their status will show “Represents: Bank of England” as an example. If the representation states NONE it means that they are either between employers, or were once licensed to lend but are not at the present time and are falsely representing themselves
2. Pay close attention to their employment history. Have they been job hopping or have they been with their current employer for a long time. This could indicate stability.
3. You will also be shown their Employer’s information. Be sure to look into this as well