Information for Loan Broker Revocations
Are you trying to determine if our loan broker has passed the Principal Manager Exam?
First, search the database by selecting "Loan Broker (firm)." Enter the name of the company you wish to search. Click the company from the list of results.
Second, click the "List Originators" button. The results will show all registered individuals working in the company's office. Each registered individual is a Principal Manager, a loan originator, or an owner. An originator assists the borrower in filling out the loan application. An owner owns at least 10% of the company.
According to the new law, one of these individuals must be a Principal Manager, who is a person with at least three years of experience in the industry and who has passed the Principal Manager Exam.
To make sure your searched company has a Principal Manager, click through the list of names. If there is no one with the job type "Manager, Originator," this company is not in compliance.
Click Here to begin your search!
Note: If the company's registration number begins with "ELB," state law exempts the company from the requirement. For example, a company that provides Veterans Administration (VA) loans is exempt. These companies are allowed to remain in business without a Principal Manager until January 1, 2009.
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