The federally mandated Internet-based system, Nationwide Mortgage Licensing, which allows mortgage companies and loan originators to apply for and manage their licenses electronically, and gone online and into full effect. Loan originators are also required to pass a criminal background check and meet stricter professional licensing procedures.
All states are required to join the program under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, which was signed into law July 30.
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