: NMLS - Loan Officer Look Up Service

NMLS - Loan Officer Look Up Service

NMLS - Loan Officer Look Up Service

Do you know your Loan Officer? I mean do you really know your Loan Officer?  Has he/ she have any pending litigation?  Have committed fraud or have scammed anyone?  Better or worse, are they licensed?

You may or may not know but the Federal requirement to become licensed under the NMLS (The Nationwide Mortgage Licensing System) expired July 1, 2010.  This means that any "Former" Loan Originator who is not licensed, is unable to discuss any financial matters with a potential client nor take a loan application.  They are prohibited from advertising, sending emails, and any form of communication that conveys that they are a Loan Officer.

This now allows professionals and consumers alike the ability to verify license status and check whether or not the Loan Originator has anything that would prevent the consumer from working with that person. 

As a real estate professional, you want to ensure that, if, you are currently working with a Loan Officer, that they be licensed accordingly and are able to complete your clients' loans. More interestingly, up to 60-70% of Loan Officers filed 3 weeks prior to the deadline.  This means a backlog of license applications that will take some governmental departments up to 2-4 months to review, process and approve or reject license applications.  These figures do not represent the number of applicants that have failed the state and national requirements. 

How do you know if the Loan Officer is licensed?  You can go to The NMLS Consumer Access Website located at http://www.nmlsconsumeraccess.org/Home.aspx/MainSearch and learn more.  Do keep in mind that the site is not fully updated and the frequency it is updated may be determined by the backlog of agencies reporting in a timely manner.

2 commentsTed Canto • July 02 2010 03:10PM

Comments

Ted--This is important news. I believe this post should be featured. I am going to reblog it so the people who follow me can know. Thanks so much for the information

Posted by Elliott S. Topkins, Massachusetts Real Estate and Title Atty (Topkins & Bevans-etopkins@topbev.com) over 4 years ago

Yeah, I think so too since I have spoken to several agents locally and they didn't even know that their LO is possibly out of a job. This has only been going on for the last 18 months.

Posted by Ted Canto, Arizonan #1 Mortgage Lender (Amerifirst Financial, Inc) over 4 years ago

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