RMLO License/SAFE ACT

[James Gravitt]

I was thinking about getting my license to become a loan originator. Its only 4 days worth of class time and it costs around $300.
With this I could also do loan originations for other people and charge a fee.

Do you hink this is a good idea and would it be a good move in the MH buying/selling?

[Karl V.]

Hi

Eric is right, and TX is one of the states that requires that originators be sponsored by a mortgage broker.

Oh, and you can't apply to be a mortgage broker unless you have years of experience in the mortgage business.

Yep, it's a private club and you can't just get in without drinking their kool-aid.

Also, because this is a relatively new and untested law, what transactions are exempt is still open to wide interpretation by those who enforce it. I've talked to closing attorneys that have refused to work on a deal because they are avoiding the issue until court cases clarify it.

The safe thing to do is to pay a licensed originator to do your work for you, if you can find one that will do it without screwing up the deal, and if you can get one at a fair price.

BTW, if there's anyone out there using a licensed MLO, what are you paying for their services?

Karl
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