Loan officers nationwide are now required to take a very tough exam to
maintain their license and ability to originate loans under a new act called
the SAFE Act. We at Churchill think this is great news for our industry!
This move sets the standard for every loan officer to possess a level of
knowledge for our industry as well as the regulations that govern mortgage
lending. At Churchill, our loan officers spend over 20 hours in training for
this exam, and they all must pass. Over 1/3 of the loan officers nationwide
fail this test the first time, which tells you it is no pushover test.
Why Are Bank Loan Officers Exempt?
Strangely enough, loan officers for commercial banks are not held to the same standards.
(http://mortgage.nationwidelicensingsystem.org/profreq/Pages/FAQ.aspx)
So a loan officer that fails this test could go straight to a bank and start
working again as a loan officer, without having to pass that test. Something
seems very strange about that, but big banks have been fighting for years
to eliminate the competition in the marketplace from lenders like Churchill,
as well as mortgage brokers. The competition provided by lenders and brokers
has helped keep mortgage rates low in the market, created a much more diverse
group of mortgage options for customers, and kept the big banks from monopolizing
the marketplace.
As Dave says, “Whoa, this is just another reason why Churchill is
the only mortgage company I recommend. They’re experienced, knowledgeable, and
they’re held to a higher standard. You can trust Churchill.”
We are so honored to have Dave’s exclusive endorsement, and each employee at
Churchill understands providing excellent service to everyone that contacts us
is the only way Dave will continue to enthusiastically refer his listeners
and viewers to Churchill Mortgage.
We look forward to having the opportunity to serve you!
- Get Started with Churchill Mortgage
- Would you like to Apply Now by filling out our loan information form?
- Would you like to discuss your loan options by phone?
Give us a call at 1-888-562-6200
- Or let us know the best time to Call You Back, and one of our Loan Specialists will contact you as requested.
