The Conference of State Bank Supervisors (CSBS) announced information for federally registered insured depository institutions and mortgage loan originators (MLOs) employed by such institutions and their subsidiaries, is now available on NMLS Consumer Access. With the addition of federal registrants, NMLS Consumer Access is a comprehensive record of individuals, companies, and financial institutions licensed or registered through the Nationwide Mortgage Licensing System & Registry (NMLS).
NMLS Consumer Access is a searchable site that provides the public with standardized information concerning state-licensed companies, branches and mortgage loan originators, as well as federally registered financial institutions and mortgage loan originators. Information on mortgage loan originators include: identification information about the individual, employment history, license and registration status, and the individual’s current employer.
Launched in January 2010, NMLS Consumer Access originally housed data regarding state-licensed companies, branches, and individuals licensed through NMLS. Starting today, mortgage loan originators employed by insured depository institutions that are federally registered with NMLS are also available on NMLS Consumer Access.
Currently, there are 16,422 licensed mortgage companies, 109,001 licensed mortgage originators, 10,507 registered depository institutions, and 349,825 registered mortgage loan originators housed within NMLS and available on NMLS Consumer Access.
NMLS Consumer Access achieves three goals set forth by regulators:
►Provides consumers and the general public with a single location to obtain standardized information regarding their mortgage provider.
►Offers a transparent resource for consumers researching mortgage providers. This unprecedented level of transparency will assist consumers to identify legitimately licensed and registered providers and to avoid bad actors; and
►Meets the mandates outlined in the SAFE Act to provide consumers with easily accessible information, offered at no charge, regarding the background of state-licensed and federally registered mortgage loan originators.
Through NMLS every MLO is assigned a unique identifier, known as the NMLS ID, which is required to be incorporated into every loan sold to Fannie Mae and Freddie Mac and insured by the Federal Housing Administration (FHA). Consumers can search for MLOs and their employing company or institution using the NMLS ID. This unique identifier allows regulators to associate the loan documents and business practices with the individual and company that negotiated the transaction, ensuring that bad actors cannot hide from their past actions.