Did you ever wonder if a loan officer is actually licensed or not?
The NMLS or “Nationwide Mortgage Licensing System & Registry” offers a free service for consumers to confirm that the mortgage company or mortgage professional they are working with is “authorized” to conduct mortgage business in their state.
On the website www.nmlsconsumeraccess.com, you can type in the Loan Officer’s name, Company or even City to search for a specific loan officer or lending institution.
The NMLS number identifier signifies whether a Loan Officer or Company is “licensed” or “registered” to originate mortgage loans. Although not specified by the NMLS number, there are two main types “Licensed (State License)” and “Registered (Federal Registration).”
What is the difference between a State License and a Federal Registration?
- Mortgage Loan Officers employed by state-licensed mortgage companies are required to hold a state license to conduct business in that specific State. State-licensed Loan Officers are also required to:
o Take and pass a Federal NMLS Exam
o Take and pass a State NMLS Exam – for each State to be licensed in
o Pass a Federal Criminal Background Check
o Credit Report is pulled to verify no significant credit issues (such as foreclosures, tax liens, bankruptcy, judgments)
o Maintain 12-hours of continuing education annually
- Mortgage Loan Officers employed by banks, credit unions or other federally regulated depository institutions must only be registered to conduct business, which is also not limited to a particular state.
Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company." NMLS ID #2289. An Equal Housing Lender. All loans are subject to credit approval and compliance with investor guidelines.
Know your mortgage options!