In my opinion all Mortgage Loan Officers’, MLO, should meet the
minimum level of certification set forth by the US Government. All Non-Bank Mortgage Lenders like Southeast Mortgage only employ Licensed Mortgage Loan Officers who have passed both the State and Federal Exams. Mortgages are a security and can harm consumers if not properly created. Would you buy stock based on the advice of a person without a Series 7 license? No!
Consumers should always ask their Bank Mortgage Loan Officer if they have passed the State and Federal exam for mortgage loan origination. Before applying for a mortgage, always check out your Bank Mortgage Loan Officer http://www.nmlsconsumeraccess.org/ and their State certification at https://dbfweb.dbf.state.ga.us/WebMBData.html. Ensure they have both.
In time, I believe all Bank Mortage Loan Officers will have to pass the State and Federal exam to originate mortgages. Banks went through this with Branch employees for Credit Life and Disability insurance on consumer loans and SEC Series 6 / 63 for mutual funds. Banks made all employees selling Insurance and Mutual funds meet the minimum certifications set forth by the Insurance Commissioner and SEC respectively.