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Hello.
I suspect a mortgage originator in my area is conducting business without a license..
The man shows up in the NMLS as having a "surrendered" loan originator license and has an "inactive" principal managers license...he is not sponsored by any brokerage, however it does list his current brokerage as his office.

Is this legal? Can an inactive principle manager work as an originator? are the licenses one in the same?

He advertises he can do home loans but I wonder about what I found in the NMLS....

gmakerley · Posted: Thu May 06, 2010 9:42 am Post subject:

Need, you did the proper homework, but you don't trust what you've seen, it appears. If Indiana is like Connecticut (and I'm sure in this instance it would be), then an unlicensed person would be barred from plying the trade that the license is required for. That's a pretty simplistic way of putting it, but you can certainly check with the Indiana banking department or the Attorney General's office to get more clarity if you need it. I would avoid this man by all means.

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indiana mortgage fraud/license questions

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