Interesting point being brought up today by a good friend of mine. The NMLS test is only seeing a 30% pass rate at this point. As a result he (recruiting for a one of the nations largest banks) has seen a dramatic increase in loan officers running for the shelter of the FDIC's little shelter! You see, FDIC bank employees are only subject to the fingerprinting and fraud check. They get a complete pass on the educational requirements. No national test! No state test! At a bank, the only educational requirements for a mortgage loan officer is whatever the bank thinks you need.
It seems, the banks are turning into the employer of last resort for the mortgage "professionals" that can't pass the NMLS test or are too afraid to take it! Thankfully, rumor has it, that certain politicians are starting to question why the banks are not forced to meet the same educational levels as the mortgage brokers. Hopefully, Congress will strip the FDIC insured banks of their protection from NMLS educational requirements. I think it is the only real way that they can assure the public as to the basic educational qualifications of the person writing their loan.
No comments:
Post a Comment