MISCELLANEOUS COMMENTS ABOUT THE FINANCIAL CRISIS, REAL ESTATE, MORTGAGES AND OTHER RAMBLINGS



Thursday, May 20, 2010

GA DBF Allows MLO's to work until July 31st Unlicensed

The Georgia Dept. of Banking and Finance has a press release today that states the Dept. will allow Mortgage Loan Originators (MLO's) to continue working unlicensed until end of business July 31, 2010.

That's a relief, because this will allow those MLO's that may have one or another issue concerning license approval a bit of extra time to get things straightened out before the deadline. I was told by more than one party that the deadline was June 30. The extra 30 days should be good news to all MLO's.

If you are a MLO who is currently working with a Georgia licensed bank (non FDIC) or mortgage broker but you did not meet the April 16, 2010 MLO application deadline, the Georgia DBF will process your application on a First Come, First Served basis. This could be a potential problem, because after July 31st, you will not be able to originate until your licensed is approved...

Moral of this blog - Get your MLO applications in as soon as possible !! There appears to be a little more time available to get it done, without a lapse in employment and compensation.

Otherwise your going to have to allow others with licenses to originate your deals...

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