The Nationwide Mortgage Licensing System & Registry, a mortgage licensing system operated by state financial regulators including the state Division of Banks, is launching "NMLS Consumer Access."
NMLS Consumer Access is a fully searchable Web site that allows the public to view information concerning state-licensed mortgage lenders, brokers and individuals currently licensed through NMLS. Future updates to NMLS Consumer Access will provide a record of applicable disciplinary actions taken against a licensee by any jurisdiction in the country, according to a statement.
"The goal of NMLS Consumer Access is to increase transparency in the mortgage process by providing homebuyers and the general public with direct access to information regarding state licensed companies and professionals in the mortgage industry," said Barbara Anthony, the undersecretary of the Office of Consumer Affairs and Business Regulation. "States have always been at the forefront in protecting consumers. I am certain that NMLS Consumer Access will quickly become an invaluable tool for consumers to research prospective mortgage companies and providers."
"Creating a 21st century model for state supervision of the non-bank mortgage lending industry has long been a top priority of state regulators. The foundation for this 21st century system of coordinated state supervision is the NMLS," said Commissioner of Banks Steven L. Antonakes, who served as a founding member of the NMLS oversight board for more than three years.
In January 2008, the division and six other state mortgage regulators became the first states in the country to manage their mortgage brokers, mortgage lenders and loan originators exclusively through the NMLS.
Antonakes added: "NMLS will become an increasingly powerful tool to ensure that bad actors cannot hide from their past actions. When combined with the upcoming required registration of loan originators employed by banks and credit unions, we have created an almost seamless connection that begins with practices and products, and culminates with any record of consumer harm."
