NMLS Looking Out For YOU

Dated: 07/26/2016

Views: 251

Johnson City Homes

Maybe you've heard a commercial recently for a lender that has ended with "NMLS #123456". Ever wonder why you're getting this information in a public advertisement? There are indeed reasons why these unique identifiers are required on advertising, the biggest is to help borrowers identify qualified, licensed lenders. 

In 2008, the SAFE Act was passed into Federal law regarding lending licensure and practices. The SAFE Act gave states one year to pass legislation requiring the licensure of mortgage loan originators according to national standards and the participation of state agencies on the Nationwide Mortgage Licensing System and Registry (NMLS).  The SAFE Act is designed to enhance consumer protection and reduce fraud through the setting of minimum standards for the licensing and registration of state-licensed mortgage loan originators. Mortgage loan originators who work for an insured depository or its owned or controlled subsidiary that is regulated by a federal banking agency, or for an institution regulated by the Farm Credit Administration, are registered. All other mortgage loan originators are licensed by the states.

The next time you hear an advertisement for a lender that you're considering, listen close for that NMLS number, and jot it down if possible. There's a great resource where you can use that number to check state licensing and other professional attributes of any financial services entity that you're considering. The website is http://www.nmlsconsumeraccess.org/ 

At the Shields Team, we'd be glad to help you with information needed in choosing a trusted lender in our area. Give us a call at (423) 433-6517 and let's make an appointment to sit down and talk lending! We have a large, COOL office and we'd love to have you come by. We're inside Keller Williams Realty, 1033 Hamilton Place in Johnson City. We'll see you there!

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Rayne Price

Holding a BS in Environmental Science, and MA in Education, real estate was not Shields Team Buyer Specialist Rayne Price's first career choice. It was only after encouragement from his wife and a cl....

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