Many consumers are experiencing delays in closing loans that were originated prior to January 1, 2011; this may be due to new regulations that require loan originators to be licensed and listed in the national registry as of 1/1/11. Located here.

If you are working with a loan officer that is not properly licensed, your mortgage will not fund. There have been reports of loan officers 'making excuses" as to why the process is not moving forward and "stringing" consumers along as they attempt to resolve their license issues. Make sure you check this site to see if your loan originator holds an "approved" and "active" license with the ability to represent their company. If you are already in a transaction, find out when and "if" they will be able to comply. If you have not chosen a loan originator yet; make sure you choose wisely.

Note: Loan originators that are employed by federally insured depository institutions are not required to be licensed or listed in the registry.