Loan Officer Training in Illinois
Joe on November 14th, 2010 | Filed under Careers
Mortgage Loan Officers who move to Illinois will need to acquire an Illinois license before they can begin working with consumers on mortgage loans. Even if they have a valid license in another state, they will be required to complete Illinois loan officer training and meet additional state requirements to obtain a license.
The reason for a new license should be obvious. Every state has different mortgage laws. While all states have to follow federal mortgage laws and fair lending practices, there are variations in mortgage regulations from state to state. Every state requires a thorough understanding of state law as well as federal regulations and guidelines. In addition, states may have different standards for conduct and requirements when reviewing credit history and running background checks. Since most regulation of mortgage officers is done at the state level, it is vital that officials in the mortgage industry acquire the appropriate license before working in a given state.
Illinois is one of many states working closely with the Nationwide Mortgage Licensing System. Over the past few years the training and licensing requirements in Illinois have been brought in line with the standards set by the SAFE Mortgage Licensing Act of 2008. As such, mortgage originators and brokers must pass SAFE testing as well as state testing in order to receive their license and be listed on the new national register.
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