Do loan processors and underwriters have to be licensed?
Yes. Based on the new definition of Loan Originator (LO) in the Florida Mortgage Brokerage & Lending Act and the Florida Office of Financial Regulations stated interpretation of the new definition, processors and underwriters of Florida properties working for licensed mortgage companies, have to be licensed as of October 1, 2010 (the new definition of an LO includes one who processes a mortgage loan application). On May 11, 2010, Florida Governor Charlie Crist signed into law a bill that lends support to this interpretation.
Related Questions
- Our processors operate from a centralized location but loan officers and underwriters operate all over the country from the comfort of their own home, much as Account Executives and Business Development Officers do for SBA lenders and many banks. Q: Is PetroMAC aware of sites that are for sale?
- Is the test just for Loan Originators OR do all loan professionals (underwriters, transaction coordinators, assistants, processors, etc) have to take it also?
- Do loan underwriters have to be licensed?
