Do You Need to Be a Licensed Lender?

One of the more recent changes of the many that the lending industry has seen is the licensing of its mortgage loan officers. Historically, mortgage loan officers fell into two separate categories when it came to licensing. Mortgage brokers, individuals who do not lend money directly, were mostly licensed to do business by the state in which they live and work and mortgage bankers, who do lend their own money. Yet starting in 2010 the National Mortgage Licensing System, or NMLS was established creating a national standard for loan officer education.

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