DID YOU KNOW? Not all Loan Officers are Licensed!

DID YOU KNOW? Not all Loan Officers are Licensed!

Buying a home? Need a home loan? You call the various banks, brokers, and mortgage lenders shopping for the best deal, thinking this is the correct way to get a mortgage loan. Unfortunately, you’ve only did half of your homework, as the big issue is NOT where you get your mortgage from, but WHO you get your mortgage from. There are major differences in the quality, education, and experience between Loan Officers, and you DON’T want to be working with the wrong person.

Until recently, most Loan Officers got their training simply by being hired, given a desk, a telephone, and the employer saying “Watch and learn from this guy.” There were no schools, no classes, no educational or background requirements. A very small number of Loan Officers would take voluntary classes to be the best they could be (like myself), but this was the exception, not the rule.

As of January 1, 2011, there are two distinct classes of Loan Officer. Those with or without a personal license. Those WITH a personal license must have pre-license education, pass a difficult Federal test, pass a difficult state test for every state they wish to conduct business, criminal background checks, personal credit report checks, and having continuing education every year thereafter. Those without? No requirements at all (yikes!)

Furthermore, those WITH a personal license, YOU CAN LOOKUP ONLINE to verify their license, the company they work for, the company license, what state(s) they are  license, any disciplinary action, and where they have worked for at least the past 10-years. The system is called The Nationwide Mortgage Licensing System and Registry (NMLS). The NMLS Consumer Access web site is a fully searchable website that allows the public to view information concerning state-licensed companies, branches, and individuals.

Those Loan Officers who have a personal license are required to place their NMLS number on all materials; web sites, brochures, business cards, E-Mail, etc.

NMLS - Verify your loan office or mortgage company

Finally, THIS IS A CLEAR REASON why people should follow my other mortgage shopping rule: GOOGLE THE NAME OF YOUR LOAN OFFICER, and check them out in the public NMLS registry. What do you find before allowing them to handle the largest financial transaction of your life!

Be Smart – Get Answers. Your financial future is too important to gamble with than to simply use the guy at the bank, or the person giving you a low quote on some web site!


Affordable Advantage Zero Down Payment Program in MN

Zero Down Payment Home Loans for first time home buyers are back in Minnesota with the new AFFORDABLE ADVANTAGE program.

Read moreAffordable Advantage Zero Down Payment Program in MN


City Living Home Loan Program – Minneapolis and St Paul.

Learn all about The City Living Program in Minneapolis and Saint Paul. River walks, people, fine dining and concerts. And that’s just the beginning.

From condos and lofts in downtown to charming homes in historic residential neighborhoods, the Twin Cities area has much in the way of housing options that allow you to enjoy all that major cities have to offer.

With City Livings loan programs, the reality of urban living and home ownership is not far away. Home buyers accessing this First Time Home buyer Loan may qualify for a below market interest rate may also be eligible for Down payment and Closing Cost Assistance. As a borrower, you can choose from two market mortgage interest rates; one rate comes with a Down Payment Assistance Grant (DPA) of either 2% of your new homes purchase price, while the other rate is without the grant (Non-DPA).

This program is made available by the cities of Saint Paul and Minneapolis, and is available for homes within the Minneapolis and St Paul City limits.

General Program Information and Qualifications

  1. You must live in the home.
  2. Property must be single family home, or duplex in Saint Paul or Minneapolis city limits.
  3. Income and purchase price limits apply.
  4. Home Buyer counseling class is required. (call 651-552-3681 to register)
  5. First Time home buyer funds are reserved on a first-come, first-serve basis First Time Home Buyer money NOW AVAILABLE.

Apply online and be ready to go!