The media is reporting that there is a slight glimmer of light shining at the end of the long dark tunnel that is the bad economy and a horrible housing fiasco. Some people may be considering going to work as loan officers and therefore signing up for loan officer training either on college campuses, adult education classes or online instructional courses.

Some of the latest news about mortgage lending and loan officer training is that licensing for brokers and mortgage lenders will soon be streamlined. They will have the ability to purchase licenses online through a new proposed nationwide licensing system that will also help regularly kick out the bad eggs of the industry.

Although it is voluntary, nearly every bank and loan operating facility should plan on participating in the Nationwide Mortgage Licensing System, now under construction by the Conference of State Bank Supervisors (CSBS) and jointly with the American Association of Residential Mortgage Regulators (AARMR).

This new system is designed to help the effectiveness and efficiency of state supervision of the US mortgage market, fight mortgage fraud and predatory lending and streamline and unify state license processes for mortgage brokers and mortgage lenders.  This is to be done through NMLS education in continuing education courses and seminars in addition to loan officer training.

The Residential Mortgage Licensing System could be especially useful for companies operating in several different states because they will be able to renew all their licenses for all states in one place.

In addition, by having a national system, the regulators will be able to see if a company applying to do business in their state as complaints in other states.  If there are problems in another state that could be grounds for not licensing them in the state they applied for a license.

This new system will also reduce the amount of paper copies needed to be filled out by the applicants in each state because everything will be done online, saving mortgage company’s time and money