Why You Should Tell Your Potential Customers About Your Licensing Requirements

Many of the mortgage brokers and lenders that I have been talking to in the past few months have been complaining about the need to get licensed. Most of the griping stems from the costs involved. A few mortgage brokers have pointed why licensing is better for the industry. You should be telling your potential and past customers why the licensing of loan originators is beneficial to them and how it differentiates the mortgage loan originators from bank loan officers.

You should be pointing out in all of your marketing materials that licensing means that your loan originators are more educated about federal and state laws because of the pre-licensing requirements. You should also emphasize how the testing requirement weeds out those loan originators who don’t take the courses very seriously. And don’t forget to tell everyone how your loan originators needed to go through criminal background checks to ensure that you and the state regulators evaluate whether any criminal convictions could impact their ability to act as honest loan originators.

You should call attention to the fact that borrowers have no idea who their bank loan officer is, yet they can find out pertinent information about your loan originators on the NMLS Consumer Access database. All of your marketing channels should be stressing these reasons why they should be using you, a licensed mortgage loan originator, rather than the unknown quantity that is a bank loan officer. Start shouting it from the rooftops right now.

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