Your Credit Score & S.A.F.E Act:
How Your Credit May Impact Your License!
Did you know that your credit score (as a loan originator) will play a huge part in whether or not you'll be able to get your National Mortgage License?
To be more blunt - you won't be in the mortgage business if your credit score sucks!
One of the "provisions" of the S.A.F.E. Act is the "financial responsibility" rule - and States are required to set a mandatory credit score in order for you to get or maintain your state and national license. They have also added an individual "surety bond" provision and the bond price you pay is based on your credit score! A one point difference could mean thousands of extra dollars - just for your surety bond.
You know it takes TIME to get those credit scores increased to an acceptable level. If you have had credit problems in the past, you need to be proactive and start the process now - or you'll be out of a job. Even if your credit score is great, there are "Red Flag Triggers" that may still trip you up.
Here's what you will learn:
The difference between a "registered" and "licensed" loan originator.
How the Unique Identifier Number will be used.
How Background Checks will be conducted.
What "Red Flags" on your credit report that will trigger a manual review.
How your credit score will affect what you pay for your surety bond.
Life's too short to work with whiney, negative, abusive and condescending real estate agents. Read the top questions to ask them - and maybe you'll even end up "firing" some agents you are working with now!
It's critical that you monitor and protect your online reputation these days. Do you know what people are saying about you? Do you know how to respond? Read how to monitor your good name and 9 ways to deal with negative online comments about you!
Have you ever been to a networking event ALONE? Are you afraid to even try? The truth is that you'll meet more people and make quality connections when you are by yourself. Read 11 Tips on exactly what to do when you find yourself alone at a networking event.
I was sucked into reading this because of the title. It's about a mortgage guy who shares his "red light" analogy about business and life. It's haunting. Speaker & Author, Al Killeen, has given us permission to reprint from his new book, Soul Proprietorship. Article available for EVERYONE to read.
View Shopping Cart
