NMLS Consumer Access: Consumer Protection for Homebuying
June is National Homeownership Month, a time to recognize the value of homeownership and encourage prospective homeowners.
NMLS Consumer Access, established in accordance with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”) to help promote consumer protection, is the website prospective homeowners can use to verify if the mortgage company or professional they are working with is in good standing.
Here are a few of the benefits with using NMLS Consumer Access:
- NMLS Consumer Access is free. Prospective homeowners or anyone can access the site 24/7 to check the credentials and background information of MLOs and if they are authorized to conduct business in their state. The website provides information on MLOs and institutions such as identification information, employment history, license and registration status and their current employer.
- NMLS Consumer Access is easy to use. Consumers can easily look for MLOs and their employing company or institution by using their NMLS ID. State regulators require the company and MLO’s unique NMLS ID to be include on loan documents to identify the originating entity, ensuring bad actors cannot hide from their past actions.
- NMLS Consumer Access provides consumers with peace of mind. NMLS Consumer Access allows consumers to verify if a mortgage company or MLO is in good standing. With this information, consumers can feel confident and safe during the homebuying process.
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