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.
Do you know of anyone who you think might be interested in any of these topics?
They could be a loan officer in your company? ...a real estate agent? ...training for your association? ...or
just someone who wants to know more about the mortgage business!
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