Loan Originators Migrate Away from Banks Although the number of bank loan originators has fallen over the past year, an increase in state-licensed individuals more that offset the decline. A significant share of licensees in some states live in another state.
Number of Mortgage LOs Grows Nearly 9,000 people joined the ranks of loan originators during the latest quarter. One state was responsible for more than half of originator licenses revoked in the country.
Prospect Mortgage Settles Rate Deception Charges Prospect Mortgage LLC has agreed to pay millions of dollars to settle allegations that it misled borrowers about interest rate discounts. The company is also accused of using unlicensed branches and originators.
State Licensing Requirements Comprehensive table of licensing requirements by state, including licensing for companies, licensing for individual originators and education requirements. Created by the Washington, D.C.-based mortgage law firm of Patton Boggs LLP.