Posted by KKinNoCal on 8/10/07 11:10pm
Msg #205028

Loan officers

What is the governing body that license loan oficers? Is it the real estate board?

Reply by John_NorCal on 8/10/07 11:31pm
Msg #205030

Usually in CA they are licensed by the Dept of Real Estate. But there are some lenders that operate under the Dept of Corporations, Consumer Finance Lender. Their employees don't require a license (unless they changed that law), but most are licensed by the DRE.

Reply by jba/fl on 8/11/07 1:01am
Msg #205031

Then again, in Fla, friend's son just out of HS became LO - or salesman if you will.

Reply by KrishVA on 8/11/07 12:52pm
Msg #205060

Here in VA people anyone could be a loan officer.....and that's why lots of people are going down with their mortgages.

My next door neighboors bought a house and 6 month later had to call the bank and tell them they could not make payment---when the bank asked them what happened to their 7K income a month, they told the bank that their LO told them that they needed to put that down in their application so they could get approved ( he work in a restuarant and the wife babysits). Like that LO, I know about 10, most of them deal with hispanic customers.
sad..sad..sad...

Reply by Les_CO on 8/12/07 10:49am
Msg #205156

I agree. BUT even Hispanics should READ what they sign. If they can't read the documents, they need to get them translated. Yes... some LO's are lying scum, others not. The borrower still has the responsibility to TRUTHFULLY answer the questions on the loan application forms, including the 1003.

Reply by JAWCA on 8/12/07 11:20am
Msg #205158

You are absolutely right, the Department of Real estate Boards licenses the practise of loan officers. Although, you may act as a loan processor and not have a real estate license while working under a realtor.