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 ActThe 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:
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.