Early this morning I went to Promissor to take my Loan Originator test. Passing the LO exam is required by all loan originators who are employed by Mortgage Brokers prior to January 1, 2008. I’ve passed my background check from the DFI and FBI and I’ve attended my two clock hour courses (ethics–which is required for the first year of licensing and reverse mortgages)…the test was the last step in retaining my license to be a Loan Originator. I passed!
If Loan Originators (we go by many names: mortgage consultant, mortgage planner, loan officer, mortgage specialist…etc) who work for a Mortgage Broker have not passed the 100 question exam by the January deadline, they will not be allowed to practice as a LO for a Mortgage Broker. I’m betting we’ll see the LOs who do not want to take the exam or who did not pass the exam become employees at mortgage companies who are exempt from having licensed loan originators (mortgage company banks like WaMu, Chase, Wells Fargo, Countrywide; credit unions; consumer loan companies).
As a Licensed Loan Originator, I am required to continue taking two classes per year approved by DFI in order to maintain my license.
I would love to hear from a local bank Loan Originator/Loan Officer to hear in detail what they are required to do in order to maintain employment at Wells Fargo, Countrywide, Chase or Washington Mutual…I’m all ears!