can you be a loan officer or a mortgage loan officer in the state of maryland and have a felony conviction?
i have been offered a job with a mortgage company, but i have to be certified. does this certification process include a backround check?
- Expert8675309Lv 71 decade agoFavorite Answer
No, because in Maryland, they require you to have a surety bond, and you can't be bonded with a felony on your record.
No company will touch it.
To be licensed as a loan officer requires one of the most extensive background check that you will ever encounter. The reason states are going to licensing loan officers is to track loan fraud and those that are doing business unethically.
The state wants a way to put those people out of business.
Some brokers maintain the very illegal practice if someone cannot get licensed, they'll just have someone else to do the loan under their name in the office...but the unlicensed person is actually doing all the work with the customer.
The state is cracking down on that, in all areas, and if the situation is rampant enough, if you process a loan application and are not licensed, you AND the loan officer you did it under, can be charged with a misdemeanor and have your license permanently revoked.Source(s): see my profile