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.
When you need MORE training than you can get in your own backyard,
hire a speaker or view a on-line training course by
people who have done what you do every day--or intimately know the challenges you face in the mortgage
business. The symbol means that they are available to speak to your
group or association meetings. The Symbol means that they have a
on-line training course available for training. If you see both symbols next to their name--they are both available to speak
live and have a course you can view. Click on their name to view more information about topics, fees and
what you will learn.
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means that they are available to speak to your
group or association meetings. The Symbol 
means that they have a
on-line training course available for training. If you see both symbols next to their name--they are both available to speak
live and have a course you can view. Click on their name to view more information about topics, fees and
what you will learn. 
