3 things you might not know about your loan officer

One of the major contributors to the financial crisis of 2008 was homebuyers getting into bad loans under the poor advisement of mortgage professionals. Leaders in the industry, such as Mortgage Loan Originator Suzi Boyle, recognized how important it was to set standards and regulations to protect consumers and all those serving in the industry from this happening again. Below are 3 requirements you might not realize your loan officer has to meet in order to help you with your home loan, and some insight into how Suzi Boyle helped to shape these requirements in her home state of Idaho.

1. Your loan officer is licensed through the state, and each state has different licensing requirements. Requirements are determined at the state level and mandate the pre-license education and testing that is required to become a loan officer. The Nationwide Mortgage Licensing System(NMLS) is the official system for individuals to apply to become a loan officer. If approved by the state, the NMLS makes public their licensing information – every loan officer has their own unique NMLS number. The NMLS was created by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) and began operations in January 2008 and is the sole system of licensure for Mortgage Loan Originators.

2. Your loan officer had to get a criminal background check and submit their annual credit reports to get licensed. Each loan officer has to get fingerprinted and submit through the NMLS for a full criminal background check. In addition, they must have a credit report run through the NMLS to determine if his or her credit is good enough to have the credibility to handle other people’s finances.

3. Your loan officer is judged on ethical behavior. While your loan officer must have general mortgage knowledge, and know how to facilitate a loan in their state, they must also know about ethical issues related to federal and state law and loan origination activities. This includes financial responsibility, truth in marketing and advertising, predatory lending and steering, and general business ethics.

With the help of mortgage professionals such as Suzi Boyle, a Mortgage Loan Originator at our Boise, Idaho office, these requirements, law and regulations were set into motion to ensure that borrowers are being counselled by qualified loan officers.suzi

In 2010 Boyle suffered a stroke that caused her to take a timeout from originating home loans so that she could rest and recover. During this time, Boyle worked with the Department of Finance Mortgage Board to rewrite the legislation and requirements that individuals must adhere to in order to become a loan officer in the state of Idaho. Boyle became an advocate for good people in the mortgage industry, hoping to rid the industry of those who would knowingly lead someone into a bad loan.

From 2010 to 2013, while Boyle was focused on the reform in Idaho, the entire country was still in recovery mode from an economic crisis that effected millions. According to Boyle, 70% of foreclosures in Idaho were linked back to four companies and the loans they gave out. By rewriting the federal and state regulations and submitting it four times to the legislature to close loopholes and add common sense language, Boyle, along with the Department of Finance Mortgage board was able to raise the bar of entry for mortgage professionals and anyone who gains financial benefit from the loan process, making Idaho the strictest state to become licensed.

Today, with over 28 years in the industry, Boyle once again helps homebuyers get into the home of their dreams. She’s also heavily involved within her community, serving on multiple association boards including the National Association of Professional Mortgage Women: Les Boise chapter. She also sits on Multiple Non Profit Boards, currently Boise State University & Boise Philharmonic. Boyle was also President of NAPMW for 40 months and previously sat on the Dept of Finance Board and holds major industry certifications such as her Mortgage Ethics Designation.

If you find yourself looking for a mortgage and want to work with someone who places the highest value on integrity, we encourage you to start your search right here at OneTrust Home Loans! Give us a call at (877) 706-5856. Our mortgage professionals will walk through your options to find the best solution for your home financing needs!

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