Written By: Karen Deis, an interview with Linda Ferrari, President, Credit Resource Corp. and author of The Big Score: Getting It and Keeping It!
Let’s get right to the point—one of the provisions of the Secure and Fair Enforcement Mortgage Licensing Act (aka S.A.F.E) is that loan originators must prove FINANCIAL RESPONSIBILITY!
What does that mean?
It means that in addition to a background check, finger printing and knowledge testing, you will also have to meet your state’s minimum credit scoring standards.
And surety bond requirements? Your credit score is now being used to determine the premium you will be paying to obtain your bond, too.
Read the interview with Linda Ferrari on what she has learned so far — and why it’s critical that you start right now to get your credit score increased—or you just may be out of a job as a mortgage loan originator.
Purchase a Comprehensive Online Seminar entitled Your Credit Score & S.A.F.E. Act: How Your Credit May Impact Your License!. (Includes S.A.F.E. Act - Federal Register & Summary Version - Downloads) $59.
Karen: I understand that one of the requirements of the S.A.F.E. Act is that loan originators have to prove “financial responsibility”. Do you know what the minimum score is going to be?
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