Category: Nat’l LO Licensing
Why Some LOs are Not Passing the National LO Exam
The first time “pass” rate of the national loan originator exam has fallen to 69 percent. This is an indication that the test is not too easy. A high pass rate means an exam is too easy. A low pass rate means an exam is too hard. The numbers that tell a different story are [...]
View PostNational Loan Originator Licensing coming….For ALL LOs
Tucked inside the Foreclosure Rescue Bill signed by the President yesterday is a provision calling for all loan originators to be licensed. Bankers, brokers, consumer loan lenders, and credit unions; it doesn’t matter where you work. If you’re an LO you must pass a competency test that will be developed by the National Conference of [...]
View PostNational Loan Originator Licensing
The “Federal Housing Finance and Regulatory Reform Act of 2008? is here. Read the PDF if you’re feeling ambitious or here is the summary of the Dodd amendment. There’s a section inside Senator Dodd’s amendment that will give us national loan originator licensing. On page 34, the definition of a loan originator is as follows: LOAN ORIGINATOR A) IN [...]
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