Part of the regulations that went into effect after the mortgage meltdown was to require loan officers to obtain a federal loan officer license. This was a good regulatory change.
However, guess who was exempted from this requirement? Loan officers who work for the big banks, i.e. BofA, Wells Fargo, etc. Big banks loan officers only have to 'register' for an NMLS number. They don't have to take classes or pass any exams, like other loan officers do.
Why should 'big bank' loan officers be exempt? Oh, because big banks make big donations to politicians.
We think either ALL or NO loan officers should be required to obtain the full NMLS license.
So we ask that effective Jan 1, 2012, all loan officers, even those working for big banks, are required to have the full NMLS license.