Make sure you are working with an experienced Loan officer.
Not a big lender order taker working on their first loan!

Is your Loan Officer licensed or simply registered? 
​Knowing the difference can help avoid frustration!Recent changes to the lending industry requires all loan officers to have a tracking number, known as an NMLS number (Nationwide Mortgage Licensing System). It should be displayed on their business cards, E-Mail, web sites, all correspondence, and most loan documents.

The display of the NMLS number may make many believe the Loan Officer is licensed. Sadly, this isn’t true, and working with an unlicensed, inexperienced Loan Officer can cause you headaches, hassle & money. 

Simply put, Loan Officers at Banks, most Credit Unions & Mortgage Companies owned by a bank are NOT REQUIRED to be licensed, successfully complete continuing education classes or pass any state or federally mandated tests to originate your loan! 

Banks have so far successfully used their financial power to resist these loan originator safeguards!  Hiring less experienced loan officers saves the bank money by reducing their labor costs--- however their inexperienced originators burden you with delays, lost opportunities, confusing advice-- and as the market has recently shown-- this "big bank" strategy results in you paying higher interest rates by going with them! 

Click on either box to check on my licensing -- I'm listed under Dennis E. Hughes RE Broker license #01001409 and NMLS #178729
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Typically less than half of the loans big bank loan officers work on actually close--what a mess!  To determine if the Loan Officer is simply registered, versus licensed, you have to go to the bottom of their NMLS page and look under State Licenses/Registrations or the Federal Registration heading.

A LICENSED Loan Officer will say “State License” and will have one or more STATES listed with licensing information.
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An UNLICENSED, simply REGISTERED Loan Officer will show “Federal Registration” and Federal Mortgage Loan Originator instead of a state license​.

I think the choice is clear. Who would YOU rather be working with on what is likely the largest financial transaction of your life?  A fully trained, licensed and background checked Loan Officer – or the often inexperienced Loan Officer at the bank who was recently promoted from the new accounts division?