Does anyone out there know if the banks mortgage orginators/loan officers need to be certified under the recent changes in the Residential Mortgage License Act of 1987?

CG, according to a reference we use, the law does not apply to loan originator who are "employees of financial institutions". [Ill. Comp. Stat. tit. 205 ss 635/7.1]

Thanks, that's what I think but we have a new mortgage sr officer starting next week and he thinks it does. Probably doesn't help that we will be the first "bank mortgage department" he has worked for!! I think he may be my 2005 challenge!!

Good luck with him.

It is a different world, and the thinking is soooo different. I had to make changes very in-obtrusively because of a similar situation. Challanged on everything because although regulated, they had never been examined.

I would make a copy of the regulation just to be sure and have it available.