Loan Origination Data Base Protects Consumers

Finally, there is a data base for those completing mortgage loan transactions.  This new data base can be accessed by anyone wanting to know about their loan officer.  This is a nation wide mortgage  licensing system.  The data base will detail any disciplinary actions of any loan officer for up to 10 years in the past.  It includes aliases and searches all states for any disciplinary action in other jurisdictions.  The data base is new, so, your loan officer may not be on the system, yet. If they continue to do mortgage lending , they are required to register. 

All loans they complete in the future (by a loan officer) will have tagg  which will tie the loan officer to all loans which they complete under the new federal requirements. This will reduce the fraud and missrepresentation.  I have been wanting this to happen for over 20 years. 

Real Estate agents and brokers have had to tie their license number to all transactions they have conducted for ever.  It's about time they did the same thing to loan officers.

You can go to : nmlsconsumeraccess.org to verify a mortgage company or individual.