A step in the right direction!
On Wednesday, a nationwide licensing system launched that’s intended to help state’s track mortgage brokers and lenders. Seven states are currently participating with thirty-one more states joining by the end of next year(Michigan included). Although this idea was first propsed in 2004, The House of Representatives incorporated it into HR 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007.
The Nationwide Mortgage Licensing System or NMLS as it is being called, will become a single system for tracking and supervising mortgage brokers and lenders. This system will make it very difficult for brokers who reak havoc in one state to simply close thier doors and re-open in another state!
While I do wonder why it took thousands of people to get taken advantage of for this to happen, I guess it falls under the category of better late than never. Real estate salespeople and brokers are state licensed and you can always check the State of Michigan’s website to see if any enforcement actions have been taken against that licensee. I love the idea that consumers will now have the same ability when it comes to choosing a mortgage loan officer or lender. The NMLS says consumers should have access to the system by next year.
Feel free to check out the website of the newly created NMLS at:
