The NMLS or Nationwide Multi-State Licensing System and Registry is a centralized database used by mortgage regulatory agencies to maintain and track state licensing programs. It began operating in 2008 after Congress passed the SAFE ACT or Secure & Fair Enforcement for Mortgage Licensing Act. The NMLS is in place primarily to protect borrowers so they can check to make sure the lender and mortgage loan officer they are working with are properly licensed to serve them in their jurisdiction. To obtain an NMLS license, a mortgage company or loan originator must not have had a felony conviction in the last seven years, never had a felony conviction related to a financial crime, provide their credit report to show their financial responsibility and maintain annual mandatory continuing education. An NMLS identifying license number must be displayed at all times in any correspondence or marketing advertisements with the public. I’m Stewart Brown, a licensed Mortgage Loan Originator in Palm Springs, California here to simply topics in Real Estate and Mortgage Lending. Please, like, share, follow and subscribe!
