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All loan officers now have to be licensed through the National Mortgage Licensing System (NMLS) and the state they are doing business in unless they work for a national bank. So, if you are working with a loan officer you should find out if they are licensed. The NMLS now has an easy way to search for a mortgage company or one of its loan officers by using this link.

The website will show licensing status and employment history of the loan originator. Loan originators in Oregon now must meet strict criteria, including 20 hours of education before receiving a license, 10 hours of continuing education per year, passing both a national and a state test, passing a criminal background check, and being covered by a surety bond.

The website and stronger licensing standards are part of the new national mortgage lending licensing system required by the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. The “SAFE” Act requires all mortgage lenders and loan originators to be licensed through the national system by July 31, 2010, and meet stringent requirements. The database does not yet include loan originators who work for banks or credit unions, but they are subject to similar federal oversight and will be in the database soon. (no date on this yet) I do know of some loan originators that could not pass the tests went work for the banks instead. This would cause me some concern when dealing with a bank loan originator as to their professional quality.

Oregon Division of Finance and Corporate Securities has been working long hours to bring the state into compliance with the new laws. “Being part of the national licensing system with uniform requirements enables us to better protect Oregonians by ensuring anyone doing business here is also following the law in other states,” said David Tatman, administrator of the department’s Division of Finance and Corporate Securities.

For the information of my readers, I am currently licensed in Oregon and California. My NMLS and MLO (Mortgage Loan Originator) number is 271072. Anyone you do business with should be able to give your their NMLS number. For more information about mortgages or just to discuss your current situation, give me a call at 541-743-2966 to set up an appointment. You can also reach me by e-mail.