Who must have a Loan Officer license?
The Loan Officer licensing process, including the application, education and examination components, is designed to ensure that only honest, knowledgeable employees have contact with consumers concerning specific terms of actual or potential loans. A person must therefore be licensed as a loan officer if by any oral or written means he or she communicates to a consumer information regarding a pending or potential application. Such communications include, but are not limited to: (i) explanations or recommendations regarding specific terms, conditions or benefits of any loan available from or through his or her employer, whether or not the consumer has made or later makes an application, (ii) explanations of any term or aspect of any disclosure or agreement given at or after an application is received, (iii) offers to make or solicits a loan on terms or conditions different from those for which the consumer applied. Persons whose communications with consumers are solely for the purpose o
Related Questions
- Is a loan officer eligible to get their LO license if they are making payments on a federal income tax lien that shows up on their credit report?
- What is the last date that a loan officer registrant can originate loans without transitioning to the mortgage loan originator license?
- What is the license fee for a Loan Officer?
