Consumers can now submit complaints directly to the Conference of State Bank Supervisors through the National Mortgage Licensing Registry’s NMLS Consumer Access. Introducing this change will allow the public direct access to state agencies for the purpose of submitting a consumer complaint on a state-licensed company or individual loan officer, the SCBS said this week.
“These enhancements to NMLS Consumer Access continue state regulators’ efforts in improving the information available about the companies and individuals that serve the American home-buying public,” said Robert J. Entringer, North Dakota commissioner of financial institutions and chairman of the State Regulatory Registry LLC. “NMLS Consumer Access is now more transparent, user friendly and a consolidated repository of information about state licensees.”
The new functionality also satisfies Title V of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), requiring NMLS to make public access to certain mortgage originator information possible.
Through NMLS Consumer Access, the public can see actions from more than 58 state agencies in a single place. Prior, they were only accessible from individual state websites.
The availability of public regulatory actions of federally registered mortgage loan originators is expected on the System in early 2013, NMLS says.
Written by Elizabeth Ecker