Wednesday, March 9, 2011

Have You Checked Your Mortgage Broker's License Status?

According to the Department of Real Estate, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”) was signed into law and California subsequently passed conforming legislation that gave real estate licensees until January 1, 2011 to obtain a mortgage loan originator (MLO) license endorsement. Without a MLO license endorsement, a real estate licensee can no longer legally originate or broker residential mortgage loans.

The SAFE Act requires all mortgage loan originators to register with the National Mortgage Licensing System and Registry (NMLS) where consumers can check the license status of a loan originator by viewing the NMLS Consumer Access. The consumer then can confirm, free of charge, that any mortgage company or mortgage professional with whom they wish to conduct business is licensed in the state. The database also allows regulators to determine if a MLO has been disciplined or revoked by another jurisdiction which will prevent dishonest originators from closing shop and opening a new business in a different state or location.

Click here to check the status of your mortgage broker's license status. 

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