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Monday, January 25, 2010

New Nationwide Database Allows You to Verify License of Mortgage Companies and Individuals

The Nationwide Mortgage Licensing System & Registry, commonly referred to as the NMLS, launched today a nationwide database that allows you to verify that a mortgage company, branch, or individual is licensed to do business in your state.

“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.” is where consumers should go to verify licenses before doing business with a mortgage company, branch, or individual.