Ben and Jenna, who meet with potential borrowers to discuss rates, must be licensed as what?

Ben and Jenna must be licensed as mortgage loan originators because their role involves directly engaging with potential borrowers to discuss loan options and rates. In Rhode Island, as in many states, anyone who is involved in taking residential mortgage loan applications or offers or negotiates terms of a residential mortgage loan must be licensed as a mortgage loan originator. This ensures that they have the necessary knowledge and skills to guide borrowers through the mortgage process while adhering to state and federal regulations aimed at protecting consumers.

The other choices do not fit the specific responsibilities associated with discussing loan rates with borrowers. Real estate agents primarily focus on buying and selling properties and do not typically engage in the mortgage loan process directly unless they are also licensed as mortgage loan originators. Financial advisors generally provide broader financial guidance and are not specifically trained in mortgage lending. Loan servicers, on the other hand, manage the ongoing administration of loans after they have been secured, rather than engaging with potential borrowers in the application and rate discussion phase. Therefore, the correct designation for Ben and Jenna’s role is that of mortgage loan originators.