Why Should Your Loan Officer Be Licensed?

  • January 05, 2015

In a word, confidence. The real estate and mortgage industries are complex, can be confusing and are evolving all the time. As properties change ownership again and again, each transaction generally requires some type of mortgage financing. And all of it is governed by a complex set of rules, regulations and laws that vary state by state. How can the average homebuyer navigate through it all?
This is the job of a licensed loan officer. These professionals are trained in the laws and regulations that oversee real estate financing in your community. Just as these requirements vary by state, so too do mortgage licensing requirements. For example, many states differ on how to license first vs. second mortgages and whether a physical office in the state is required.
When you choose a licensed loan officer, you can be confident that your personal and financial information will be in good hands, and that you’ll be conducting your real estate transaction legally.
Protecting you
The need to license loan officers was the result of the growing complexity of the real estate and mortgage financing industries. By becoming licensed, these mortgage professionals are demonstrating their skill in navigating these industries on your behalf. So you can be sure you’re getting the best advice for your situation, from choosing the right mortgage to complying with all local laws and regulations.
As the real estate and mortgage financing industries evolve, so does the knowledge of licensed loan officers. No matter what changes lie ahead, they are the real estate financing experts who will keep up with it all and guide homebuyers through the mortgage process from beginning to end.
Your licensed loan officer will walk you through the application process step by step and help ensure the closing process goes as smoothly as possible. And your consultant will help ensure all the legal paperwork remains in order from application through closing.
From the moment you start home shopping to the day you’re handed the keys, your licensed loan officer will be there for you.

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© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1820).