Can someone beside a felony journal be a loan officer? primarily doing reverse mortgages?
Answers:
In Texas you can be a loan officer in need a license, so I guess there may not be anyway you are checked out at all. In most states they license this so you would hold to check out the laws in your state.
Not in my state or in most states where on earth they require you to be licensed as a loan officer.
You can't even be an LO here if you have a judgement on your credit, so as you can imagine, convicted felon are out of the queston.
Any corporation, with the passing of the modern privacy laws, are actually REQUIRED to do situation checks on their employees that are handling account and identity sensitive information, if they are an FDIC insured edge.
I know of no bank that would be willing to transport a chance like that...a private broker might, but he would be a fool.
Unfortunately ... yes. Corporations can hire unlicensed agents to be loan officers, and while there should be an crack to do background checks, there habitually is not. If you do business with a company, make sure to look for and ask for their license information.
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