(Washington, DC - The District of Columbia Department of Insurance, Securities and Banking (DISB) today announced that the Nationwide Mortgage Licensing System & Registry (NMLS)—a mortgage licensing system operated by state financial regulators, including DISB—is launching NMLS Consumer Access. This is a fully searchable Web site that allows the public to view information concerning state-licensed mortgage companies, branches, and individuals currently licensed through the NMLS.
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 consumers a single location to access standardized information about their mortgage provider, regardless of the state in which they operate.
“The launch of NMLS Consumer Access shows, once again, the commitment of state financial supervisors to protect consumers,” said DISB Commissioner Gennet Purcell. “NMLS Consumer Access provides an innovative method for consumers to research prospective mortgage companies, and it allows the District of Columbia to continue being a leader in the area of consumer protection.”
State regulators, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, launched the NMLS in January, 2008. To date, 45 states and territories—including the District of Columbia—license mortgage companies, branches and individuals through the system. All 54 states and territories are expected to be on the NMLS by the end of 2010.
Commissioner Purcell added, “NMLS Consumer Access is a critical tool for protecting the consumers in the District by providing a central source of information that promotes transparency throughout the states.” In addition, Title V of the Housing and Economic Recovery Act of 2008, the SAFE Act, mandates that the NMLS provide consumers with easily accessible information, offered at no charge, into the employment history of state licensed and federally registered mortgage loan originators.