Credit Unions Are Not Rushing to Get Loan Officers Registered

BALTIMORE — Credit unions aren’t lining up to have their mortgage lending staff get licensed or registered. The former isn’t required, and the means for doing so for the latter isn’t yet available. But some in the industry think that CUs would do well to examine whether licensing requirements should be applied to the CU industry.

BECU said in a statement to Credit Union Times, “No, current ruling does not require our originators to be state-licensed or registered. We understand the SAFE Act has been approved by Congress and will require all loan originators to be federally registered by late 2009 or 2010. Currently state guidelines require only mortgage broker loan originators to be state licensed. The final guidelines are not complete, so we are not sure what the stipulations will be for credit unions.”