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?

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About Jeff Sorg

Jeff Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses. Sorg is awarded the International Distance Education Certification Center's CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), REEA (Real Estate Educators Association) the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus; Life Member award; 2020, 2021, 2022 Chairperson of the Oregon Real Estate Forms Committee; Oregon REALTORS State Director. More on request.