I must have called over two dozen state mortgage licensing agencies in the past week and I am getting nothing but the runaround. I also called Mortgage Educators and other NMLS mortgage licensing schools and still cannot get the answer I am looking for. The mortgage industry and regulators are making a huge deal about not being able to get an NMLS mortgage loan originator license if you have bad credit. They are saying if you are late on your payments or have derogatory information on your personal credit profile you are classified as being financially irresponsible and not fit to become a mortgage loan originator. People can go through bad times, divorce, medical, or times of unemployment where you can have bad credit without being financially irresponsible. Now my question is can you get a mortgage loan orignator license with bad credit, collections, and late payments? Thank you in advance.

Many Mortgage companies are hurting. Mortgage rates are at 26 year highs, the Feds keep on increasing rates, inflation is out of control, home prices are increasing despite high rates and a weak unstable economy. Over half the licensed loan originators are expected not to renew their NMLS mortgage licenses for 2024. We will keep this thread going

Once credit is cleared/ improved could I be approved in the state of Texas for Mortgage loan originator license? As far as the states that was mentioned, California, Illinois, & Arizona would I have to hold or establish a residency to qualify? Also I’m interested in the commercial loan officer opportunity. What is the process, and would it give me the experience and expertise needed to becoming a licensed mortgage originator ? Thank you for your time and I look forward to your reply!

Respectfully,
Vernise Green