Posted by LilyMD on 8/25/05 7:55am
Msg #61604

Loan officer licensing

Someone told me (and was adamant about it) that to be a loan officer with many lenders in Maryland they're not required to be licensed. Supposedly Maryland doesn't require an LO to be licensed? Can this be correct? Sounds all wrong considering what a notary is required to do just to handle closings.

Reply by LawrenceOK on 8/25/05 11:34am
Msg #61670

I personally think that person is misinformed.

Reply by Art_MD on 8/25/05 11:43am
Msg #61673

Re: Loan officer licensing - link

Here's a link that should give you the info needed.


http://www.dllr.state.md.us/finance/finregslicenses.htm

Art

Reply by Brijoe_WA on 8/25/05 12:09pm
Msg #61679

Re: Loan officer licensing

I was a Loan Officer for many years in WA state. I know in this state, and I am pretty sure in all other states, it is no license for the LO to hold on an individual basis. If they work for a company the company needs to be licensed in the states you are lending in, and all LO's work under the state license.

Reply by taxpro on 8/25/05 1:57pm
Msg #61730

In the "olden" days, a loan officer was a bank officer who handled loans for the bank. It wasn't a title that was easily obtained, you had to have a college degree, and be someone with a fair amount of responsibility. Nowadays, most "loan officers" are really salesmen or saleswomen. One of my son's friends (no college, no experience with loans) just got a job working for a lender, doing telemarketing. He calls people with "less than perfect" credit on the phone and sells them sub-prime loans. His job title? You guessed it. Loan Officer.