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NMLS - Loan Officer Look Up Service
NMLS - Loan Officer Look Up Service
Do you know your Loan Officer? I mean do you really know your Loan Officer?  Has he/ she have any pending litigation?  Have committed fraud or have scammed anyone?  Better or worse, are they licensed?
You may or may not know but the Federal requirement to become licensed under the NMLS (The Nationwide Mortgage Licensing System) expired July 1, 2010.  This means that any "Former" Loan Originator who is not licensed, is unable to discuss any financial matters with a potential client nor take a loan application.  They are prohibited from advertising, sending emails, and any form of communication that conveys that they are a Loan Officer.
This now allows professionals and consumers alike the ability to verify license status and check whether or not the Loan Originator has anything that would prevent the consumer from working with that person. 
As a real estate professional, you want to ensure that, if, you are currently working with a Loan Officer, that they be licensed accordingly and are able to complete your clients' loans. More interestingly, up to 60-70% of Loan Officers filed 3 weeks prior to the deadline.  This means a backlog of license applications that will take ... more

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