All Posts Tagged With: "officer"
Mortgages: 66,469 Loan Originators Now Registered
About a year ago something called the Nationwide Mortgage Licensing System and Registry (NMLS) was established to list all mortgage loan originators. So far, the system includes 66,469 loan officers with more to be added shortly.
What is the advantage of this program? Each loan officer gets a unique license number. If they lose their license [...]
Who Should Loan Officers Represent?
For all the talk of foreclosures and failing lenders, the bottom line is this: The mortgage lending system is both sound and hugely successful. Despite the headlines, most borrowers are making payments. Even among subprime borrowers — the borrowers most in the news — 81 percent are making their monthly loan payments as of mid-2008.
“The [...]
How Do Loan Officers And Underwriters Differ?
A loan officer takes your application and sells you a loan.
An underwriter reviews your application file to assure you meet all program standards.
A loan officer does NOT approve your loan application. An underwriter has the authority to approve or disapprove an application.
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31Aug2008 | Peter G. Miller | 0 comments | Continued
Must Mortgages Be “Suitable” For Borrowers?
How come we have so many toxic loans?
“The system is out of balance,” says Sen. Chris Dodd (D-CT), “There is a chain of responsibility that makes these abusive loans possible.”
The way Washington works is that you have to read between the lines. Notice that Dodd’s core concern is not “predatory” loans or even “subprime” [...]
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