If a person has been a licensed Mortgage Broker for 20+ years and does not meet the current standards for licensure (say being a high school graduate) will they be permitted to be licensed as a Loan Originator?

Answer: Beginning October 1, 2010 existing individual mortgage broker licensees that apply for the new loan originator license will be subject to the new licensing standards including the requirement for a high school diploma or its equivalent, criminal background check, and financial responsibility.