Archive for the 'Loan officer licensing' Category

A Quick thought on Natl. Licensing by Greg Frost

August 18th, 2010

Written by Greg Frost

Loan Originators, who have failed their initial State and National Originator tests, are not faring much better when they retake the exams.  “National and State education requirements, as well as testing, as a condition of licensing Loan Originators, was long overdue.”, says Greg Frost, VP National Training at PRMI Mortgage.  “In most states a hair dresser goes to school for a year and then must pass a test by their State Cosmotology Board.  This was long overdue in our industry and will surely cull the number of non professionals who infiltrated our ranks.”

 Ginnie Mae has raised the net worth requirements for those who issue their mortgage backed securities. “It was only a matter of time,” says Greg Frost, President of Frost Mortgage Banking Group.  “Securities dealers and mortgage purchasors want to do business, going forward, exclusively with those companies who can write the check, in the event of a buy back request.  You just can’t enforce your buy back agreements if the company selling or securitizing the loan doesn’t have the liquid net worth”.  This action will serve to shorten, the already shrinking list, of mortgage companies who may participate in this program.

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Loan officer candidates — a smart bunch

June 9th, 2010

Written by Frost Mortgage

Roughly 71% of loan officers pass the national test to become qualified mortgage professionals the first time they take the exam, according to new figures released by the Nationwide Mortgage Licensing System. The state (first-time) pass rate is even better: 78%, according to NMLS. The results reflect tests administered between July 30 of last year and April 30, 2009.

via National Mortgage News – mortgage industry news | mortgage information | commercial real estate.

Loan officers are in general a pretty sharp group of people. They’re highly motivated, driven to succeed, and almost always multitalented. And so, it’s no surprise that so many are achieving their licensing on the first go-round.

In any business, though, the testing is continuous, and a professional is always in training for the next level, whether that’s an official certification or just a step up in his or her capacity or skills.

If you’re looking to make that next step, we’re looking for you. We seek out top performers who will appreciate the unparalleled mortgage platform we can provide, please get in touch with us today. We think you’ll be glad you did.

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