"As Washington begins the process of pulling out of the current economic crisis we at DFI are seeing a gradual increase in license applications across several industry programs. In particular we have already received approximately 1,300 Mortgage Loan Originator applications so far this year."
"With this increase in applications, we felt that now is a good time to provide tips on how to make the application process as streamlined and cost effective as possible for your new loan originators. While the following is advice specifically for MLO applications, the principles apply to all our license applications..."
Because of the continued high volume of struggling homeowners, loan servicers are encouraged to continue to modify residential mortgage loans when possible. The Consumer Loan Act, however, requires certain individuals employed by loan servicers to have a mortgage loan originator (MLO) license.
There have been several changes to state law that you should know about.
We've put together an update regarding these changes.
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