New Web-based Tool Gives Consumers Access to Information on Mortgage Providers
Thursday, February 11, 2010 | 03:50am
NASHVILLE —The Nationwide Mortgage Licensing System & Registry — a Web-based mortgage industry licensing and information system that is operated and used by Tennessee and other state regulators — has launched NMLS Consumer Access.
NMLS Consumer Access is a fully-searchable Web site that allows the public to view information concerning state-licensed mortgage companies, brokers, branches and loan originators currently licensed through NMLS. The system provides consumers with information, offered at no charge, regarding the employment history of state-licensed and federally-registered mortgage loan originators. Consumers can search the system using various criteria such as originator name, company, city, state, NMLS ID and license number.
The goal of NMLS Consumer Access is to provide homebuyers and the general public with greater information regarding state-licensed companies and professionals in the mortgage industry. NMLS Consumer Access will benefit consumers by providing a single location to access standardized information regarding their mortgage provider, regardless of the state in which they operate.
“Since the Tennessee Department of Financial Institutions regulates state-licensed mortgage brokers, servicers, lenders, and loan originators, we are very pleased with the additional information available to Tennessee consumers through this effort,” said Commissioner Greg Gonzales. “During the development of NMLS, one of the goals put forth by state regulators was to provide a central source of information that promotes transparency throughout the states. I see this as an important step in providing more consumer protection to our citizens.”
State regulators, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, launched NMLS in January 2008. To date, 45 states and territories, including Tennessee, license mortgage entities through the system. All states and territories are expected to be on NMLS by the end of 2010.
NMLS Consumer Access can be accessed at www.nmlsconsumeraccess.org/ More information on NMLS and Consumer Access can be found at http://mortgage.nationwidelicensingsystem.org/ ..
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