I wish the NMLS Consumer Access Database would have been available a few years ago.
Once upon a time . . .
I was representing a buyer who was moving to the area on a job transfer. He didn't want to use my referrals for local lenders, and told me he had a buddy who was going to do his loan.
When I called "buddy" the first question I asked was "Are you licensed to write loans in Oregon?" He told me he was. This was right when we had a signed offer, and I was going to submit the paperwork to him -- 30 days BEFORE CLOSING!
Well . . . long story short . . . "buddy" wasn't licensed. I found that out when the loan docs which should have been going out to escrow were delayed. They were delayed because "buddy" wasn't licensed, who knows what he was trying to do. There was no way I could protect my client when I'm lied to by the lender -- 5 days BEFORE CLOSING!!
The listing agent was good about having the seller sign the extension to close . . . the first week passed our contractual close date. The second week passed, and she was still okay'ish. Third week, they pulled the contract, and sold the property to someone else. My client couldn't perform. Period.
Had I known about the NMLS (Nationwide Mortgage Licensing System & Registry) I would have resourced this the minute my client told me about "buddy" loan officer in Ohio.
NMLS (Nationwide Mortgage Licensing System & Registry) -- SEARCH TO VERIFY IF LENDER IS LICENSED IN YOUR STATE
"NMLS Consumer Access, a free service for consumers to confirm that the mortgage company or mortgage professional with whom they wish to conduct business is licensed in their state."
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