Is your Mortgage Loan Officer Mortgage Professional certified?

In July 2008 there was an Act that was passed called the SAFE Act. SAFE stands for the Secure and Fair Enforcement for Mortgage License Act. While it passed in 2008, it did not take effect until 2010. This Act was put into place to provide consistency and uniformity in the mortgage industry in an effort to increase the integrity of the profession and reduce fraud. So what does that mean for you?

By March 31, 2010, mortgage professionals must complete 20 hours of education and pass a National Exam to be certified Mortgage Loan Officers .(MLO for short.) The state of Georgia also requires a state exam & additional credit hours. Not all banking mortgage consultants are licensed, however – so you need to ask if they are or not as a MLO has additional education and is licensed typically can provide you with more loan options than a bank professional. Because a MLO is not tied to one bank, they are also able to provide you with more options to ensure that you can get the best type of loan for your particular circumstance.

For more details – listen in…

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