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Nationwide Mortgage Licensing System Consumer Access Goes Live

Posted on January 25 By Justin McHood

With the passage of the SAFE Act nearly 2 years ago, the entire mortgage industry has taken steps toward licensing loan officers and managing that licensing process.

And now consumers can easily lookup the information in the NMLS system with the launch of NMLSConsumerAccess.org. The NMLS Consumer Access site gives consumers free access to data regarding the disciplinary actions, employment records and aliases of loan officers that are registered with the NMLS system.

About The SAFE Act

The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing) was signed into law about 2 years ago and currently many states are getting ready for licensing of all loan officers. Although each state may be slightly different when it comes to specific licensing requirements, they are all required to enact a SAFE-compliant law.
The general purpose of the SAFE Act is:
Increasing accountability for loan officers and enhance loan officer tracking
Enhancing consumer protections and support anti-fraud measures,
Grant easy access for consumers to see loan officers employer and employment history as well as any public disciplinary and enforcement actions
Provide a way to collect consumer complaints
Establish standardized applications and reporting requirements for loan officers
Now that the SAFE act has been established, all loan officers must be either federally registered (the depository institutions such as Bank of America, Wells Fargo, etc.) or state-licensed if they work at a mortgage broker or banker.
For loan officers who work at a mortgage broker or banker, they must submit their last 10-year work history and pass a background check as well as complete at least 20 hours of pre-licensing education as well as pass an exam.
The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing) was signed into law about 2 years ago and currently many states are getting ready for licensing of all loan officers. Although each state may be slightly different when it comes to specific licensing requirements, they are all required to enact a SAFE-compliant law.

The general purpose of the SAFE Act is:

  • Increasing accountability for loan officers and enhance loan officer tracking
  • Enhancing consumer protections and support anti-fraud measures,
  • Grant easy access for consumers to see loan officers employer and employment history as well as any public disciplinary and enforcement actions
  • Provide a way to collect consumer complaints
  • Establish standardized applications and reporting requirements for loan officers
Now that the SAFE act has been established, all loan officers must be either federally registered (the depository institutions such as Bank of America, Wells Fargo, etc.) or state-licensed if they work at a mortgage broker or banker.

For loan officers who work at a mortgage broker or banker, they must submit their last 10-year work history and pass a background check as well as complete at least 20 hours of pre-licensing education as well as pass an exam.

NMLS Consumer Access Launched

As a result of loan officers now being licensed and with the launch of the NMLS Consumer Access portal -- consumers can now do their homework on loan officers prior to deciding to do business with them.

Or choosing someone else.

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