Loan Officers Required to Authorize Credit Checks

OnlineEd

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?