All independent loan originators have already been placed through the ringer with state and national testing, background checks, and stringent requirements to obtain mortgage licensing which had to be completed by year end 2010. The one's who escaped the requirements last year were depository institutions (banks, savings associations, credit unions and their subsidiaries - otherwise known as the BAILOUT BANKS). Many former inexperienced loan originators (and predators) flocked to the banks as a safe haven in order to continue originating loans in hopes new rules would not apply to them. Well... they had a good thing going for a while...Effective January 31, 2011, a public notice was issued that beginning now through July 29, 2011 anyone originating mortgage loans will have to meet the new criteria of S.A.F.E. Act or please exit the mortgage business and leave the lending to us professionals. After July 29, 2011, any existing employee or newly hired employee of a federal agency-regulated institution who is subject to the registration requirements will be prohibited from originating residential mortgage loans without first meeting such requirements. |
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