Loan Officers Required to Authorize Credit Checks


Monday, November 1, 2010, the NMLS began requiring all licensed mortgage loan officers to authorize NMLS to pull credit reports on officers. You say you’re state doesn’t require it? Too bad. You just had your credit report reviewed a month ago? Again, too bad. “Financial Responsibility” is a well-known qualification that loan officer’s must meet but, up until now, this has been a relatively loose term. This may come as a surprise to some and a serious threat to others but, fear not, there is a bit of good news. Check out the link below for the original story and to see why this may not be a so-called “career killer” after all.

NMLS LO Credit Reports – Career Killer?

Jeff Sorg is a co-founder of OnlineEd®, a Web-based vocational school founded in 1997 where he also serves as Corporate Secretary, Chief Operating Officer, and School Director. Sorg holds vocational instructor licenses in Oregon, Washington, California, and Nevada and has authored numerous pre-licensing and continuing education courses. Sorg was awarded the International Distance Education Certification Center’s CDEi Designation for distance education in 2008.

OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.