The NMLS…change for the better!
The Nationwide Mortgage Licensing System and Registry is preparing to provide licensing and training to all loan officers in the United States. While several states, like North Carolina, have a long-standing history of requiring licensing of individual loan officers, it has never been a uniform requirement country-wide. By ensuring that industry professionals are properly trained and monitoring the licensing process across the US, consumers will benefit from an overall increase in professionalism and ethical practices.
The legislation governing this process requires that any loan officer be fully trained on state and federal regulations and best practices as well as licensed by the NMLS by 7/1/2010. The NMLS will offer training through approved providers and oversee licensing nationwide.
The result, whether you are getting a mortgage in NC or in any of the other 50 states, you will know that your loan officer has met both state and federal standards for knowledge and best practices.