This New Federal Rule Could Affect You...

Good Morning,




We are nearing a national dead line for mortgage originators in this country - and I want to tell you how this could affect you.



All mortgage originators must be registered in the Nationwide Mortgage Licensing System (NMLS) by May 31, 2010.



The federal government has separated mortgage originators into two classes...



1) Loan originators that work for depository institutions (banks that take deposits) only have to be registered in the NMLS.



2) Loan originators that work for mortgage companies that aren't depository institutions (like Southwest Funding) must also register in the NMLS system.



a. However, this second group of loan officers also have to pass a state test and a national test. Many loan officers have failed their first and second attempt at the tests. They aren't exactly easy.



Here's what this means to you... If you get a mortgage from a non depository mortgage company (like my company) you can be certain that loan officer has a good working knowledge of the loan industry. By and large they know what they are doing, because they've had to pass tests to prove that they know what they are doing.



This is not to say that loan officers that work for depository banks don't know what they are doing, but they haven't had to pass the same tests. They are held to a lesser knowledge standard from a national oversight perspective.



...just something to think about the next time you need a mortgage.



I hope you have a good day today. Thanks for reading!







Brett