Pennsylvania Banking Department Announces Availability of New Mortgage Information on NMLS Consumer Access(SM)
HARRISBURG, Pa., Sept. 14, 2011 /PRNewswire-USNewswire/ -- The Department of Banking announced today that consumers can now find information about mortgage professionals employed by banks and credit unions through the Nationwide Mortgage Licensing System and Registry (NMLS).
NMLS Consumer Access(SM) is a free, fully searchable and transparent website that provides consumers and the general public with a single online location to obtain information regarding their mortgage provider. NMLS Consumer Access(SM) can be viewed at: www.nmlsconsumeraccess.org.
NMLS hosts information about more than 16,000 licensed mortgage companies, and more than 100,000 licensed mortgage originators. Additionally, anyone now can access information about approximately 350,000 registered mortgage loan originators and more than 10,000 registered financial services institutions such as banks and credit unions.
Since 2008, NMLS has served as a web-based platform for state-licensed mortgage lenders, mortgage brokers, and loan officers to apply for, amend, update or renew a license online. Passage of the SAFE Act required all mortgage loan originators (MLOs) to be registered or state-licensed through NMLS. MLOs employed by insured depository institutions and subsidiaries such as banks and credit unions are to be registered, and all other MLOs are to be licensed by state mortgage regulators.
The Department of Banking urges consumers to "do their homework" before entering into business with any financial company, especially companies offering loan modifications. Consumers can learn about companies licensed or chartered by the Department of Banking at www.banking.state.pa.us and 1-800-PA-BANKS.
Media contact: Ed Novak, 717-783-4721
SOURCE Pennsylvania Department of Banking