Wednesday, February 4, 2009
Tennessee Department of Financial Institutions began a new online program that allows mortgage companies and loan originators to apply for and manage their licenses electronically. Under the Secure and Fair Enforcement Mortgage Licensing Act of 2008, every state will have to participate in the program.
The program seems to make it easier to obtain and maintain a mortgage license, but starting January 1, 2009 fingerprint-based background checks also became a requirement for all new mortgage loan officer applicants. The managing principals for the companies in which the applicants work are also affected.
With so many fingers pointing at the mortgage lenders as the catalyst for the economic crisis we are facing, ensuring that they are the right person for the job.