OLYMPIA – The Washington State Department of Financial Institutions (DFI) is pleased to announce a new resource for Washington consumers seeking licensing information on mortgage lenders. The Nationwide Mortgage Licensing System & Registry (NMLS) — a mortgage licensing system operated by state financial regulators, including Washington — is launching “NMLS Consumer Access.” NMLS Consumer Access is a fully searchable Web site that allows the public to view information concerning state-licensed mortgage companies, branches, and individuals currently licensed through NMLS.
“Because it’s nationwide, it’s a lot more useful for consumers,” DFI Director of Consumer Services Deborah Bortner said. “It’s important for consumers to know that anyone acting as a broker or non-depository lender needs to have a license, and consumer loan company agents will need to be licensed beginning July 1. NMLS Consumer Access is where consumers should go to verify those licenses before doing business with a mortgage originator.
While DFI offered consumers access to a statewide mortgage lender licensing database previously, 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.
“The launch of NMLS Consumer Access is another example of the commitment state regulators have to protecting consumers,” DFI Director Scott Jarvis said, “NMLS Consumer Access offers Washington’s consumers a one-stop resource for researching prospective mortgage brokers and lenders.”
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 Washington — license mortgage companies, branches and individuals through the system. All 54 states and territories are expected to be on NMLS by the end of 2010.
During 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. NMLS Consumer Access is that central source. It also meets Title V of the Housing and Economic Recovery Act of 2008, the SAFE Act, which mandates that NMLS provide consumers with easily accessible information, offered at no charge, regarding the employment history of state licensed and federally registered mortgage loan originators.
NMLS Consumer Access can be accessed at www.nmlsconsumeraccess.org.