Are Mortgage Brokers Licensed?
Though requirements vary be state, mortgage brokers must be licensed and successfully pass a criminal background check that includes fingerprinting. Credit checks as well as experience are also typically required. Additionally, most brokers must complete pre-license education and even take out a bond or meet other net worth requirements.
Mortgage licensing http://william-telish.flavors.me/ for mortgage brokers is enacted to protect consumers who seek to obtain fair mortgage rates. Professionals who hold a mortgage license are real estate financing experts who connect borrowers with loan providers. The special Mortgage Broker License is a special indication that a mortgage broker has successfully helped borrowers through the confusing world of obtaining a mortgage.
The regulation of mortgage brokers http://ask.fm/WilliamTelish begins with the federal government, but continues with the state government. This means that mortgage brokers are licensed or registered and comply with pre-licensure and continuing education that the state requires. Many states also require mortgage brokers to pass a test before becoming licensed.