Continuing Ed for MLOs

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blog-author-clayjeffreys3

The fall is here, and I know what that means… time to complete annual Continuing Education so I can keep my Mortgage Loan Originator (also called MLO) License.

I am happy to say, I’ve completed the steps for another renewal. Yeah! But what exactly goes into a renewal if you do not work for a bank? It is a good question that I’ll happily address.

For Mortgage Loan Officers working for non-depository institutions (such as mortgage brokers or licensed mortgage lenders like I am at Dunwoody Mortgage Services), there are several hoops to jump through each year:

  1. Need to complete an approved 8 hours continuing education course.
  2. Must authorize a background check every other year. If a felony is on an employee’s record, then their license is revoked. Georgia will not allow felons to have a license to work as a MLO. The background is done on a regular basis since an arrest could occur after the initial background check.
  3. Must authorize a credit report check that looks at more than just a credit score:
    • Any unpaid judgements will result in a license suspension and possible revocation.
    • If a MLO is behind on child support or alimony, it will cause the license to be suspended and possible revoked.
    • Must be current on mortgage payments and student loans.
    • Foreclosures are also a big no-no.
    • Bankruptcies and other debt delinquencies can cause problems on a license renewal

In short – to be licensed to work in the mortgage industry, the MLO must not be a felon, pay their bills, and not be behind on any child support/alimony/court ordered payments.

What about MLOs that work for banks? What do they need to do to keep their license? That is up to the bank really as the only requirement for their MLO license renewal is to be employed by a bank. It is the bank’s responsibility to address the continuing education and vetting of their employees. Technically, that means MLOs that have a felony on their record (The Georgia felony requirement doesn’t apply to nationwide banks, but does apply to local Georgia banks such as Resurgens Bank), or are behind on the child support, have their own home foreclosed upon, etc. can still work with clients to purchase a home if a large bank is willing to hire them.

It turns out that the most educated and vetted individuals working in the mortgage industry actually don’t work for banks.

Want to buy a home in the state of Georgia? Want to work with a professional that is educated, vetted, and has a decade of experience originating mortgages? Contact me today. I am more than happy to help you get going!

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