Written By: Karen Deis
The SAFE Act legislates that all states must have a loan origination licensing and registration system in place by August 1, 2009 (or August 1, 2010 if they have a governing body that meets biennially). If a state does not participate, HUD has the right to step in and implement the licensing system for those states. (Right now, Minnesota and Nevada are the only two states not included.)
One of the provisions in the Act is that a consumer website be created to determine if a loan officer is in “good standing” with the licensing laws.
We played with the National Mortgage Licensing System site and it’s pretty much impossible to find “individual loan officers”. Consumers are going to freak out if they can’t find you. Learn a few tricks on how to find your NMLS listing - to make sure your clients can verify that YOU hold a valid mortgage license.
Here’s the official website link — but can you easily be found?
Read More
