I was aware of that and it is NOT comforting.

Only a few understand the difference between "registered" and "licensed"!

K#Tag . . . 😉
I don't know about any other state, but I do know that several years ago in Arizona, the mortgage people were all scrambling to take the courses and get their licenses. So I believe that everybody that we work with in our area is licensed.

I would guess out of almost 3 million agents about .000128%; however, that is just a guess.

I did not know but then I do vet the people I do business with.

Didn't know that but could be why the 'bar' is so low at the local banks. That's not right.

is that because some banks keep their loans in-house.... they are not conforming to secondary market rules but the person applying may be a very strong candidate for a loan...  that's how I see it... I've had many in the past who were not considered "perfect candidates" but were strong buyers and local banks gave the loans...

Probably the number is very similar to the number who dress up and sell real estate that are not licensed agents.

IF a person works in the show room of a new development, the sales person does not need a real estate sales license in the state of Florida.

I'm not sure what I would do if a buyer I represent has elected to use a loan officer who is without a license. I do know what I have done when Wells Fargo, Bank of America or Chase are in the equation. 
"DO you REALLY want to buy this house?"

In NH until a few years ago, no loan officer needed a license. now they ALL do no matter who they work for

I only work with licensed people.

Same with property managers who work for private parties too

I was not aware of that Khash Saghafi I only work with licensed mortgage brokers. 

Yes, I knew this.

Thanks for the reminder.

I was not aware of this.  On the bright side though, I don't know many companies that don't at least do a cursory pre-employment background check that involves criminal and credit.

...all you have to do is ask some of them questions and you will not be surprised that they have no schooling or a license.

You are correct about the banks.  The worst thing is that the loan officer is on salary and not paid when it closes...so they don't care when or if the deal closes.

Eve

I hadn't really thought about it but I thank you for the information

I didn't know.  But dealing with some of them, I had strong suspicions that this was the case.

Michael Jacobs nailed this one!

In our brokerage 70% agents are broker-associates and 40% also have State loan and NMLS licenses. If you need a lawyer we have 4 esquires.  Two insurance PT agents. Most experienced realtors have performed lending mortgages for others before there was any regulation on licensing.

The one we really need is an in-house CA notary public. 

       Banks amaze me and amuse me.  They are worth a trillion bazillion dollars... but when you walk into the bank, you speak to a Teller who may have only a high school diploma and is barely making a living wage.

I suppose it's like licensed and unlicensed real estate assistants - they have someone whose license is on the line who takes the heat for any mistakes they make?

I knew this, but as I work with a very limited number of lenders whom I know well and with whom I have long standing relationships, it's not been an issue that was of concern to me.

Have never thought to ask or conduct a survey.. do you know how many?

I believe they must all be in the state of Colorado now.

They ar if they are working with my clients

A simple inquiry to http://nmlsconsumeraccess.org/ will allow full access to licensing credentials.  Consumers/Agents can also Google "NMLS lookup" and find this URL at the top.

Khash Saghafi - my guess would be same as yours .... 0.000127%

Big money speaks, and that is why we suggest to our clients to seek out more than one lender.

Me. there was a case here recently where a buyer got pre-approved by a man who was pretending to be a loan officer and wasn't associated with any bank or mortgage company.

Good point to bring up here. I don't think many Realtors or consumers know this about Loan Originators. 

I am

I was not aware of it.

I am well aware of that.  It is among the many reasons I do not recommend anyone get a loan from a Big Bad Bank!

Aware!

I only work with Jason E. Gordon and if my listing receives an offer from a questionable lender, Jason cross approves them.

This can be a huge problem