Because of the secure and fair enforcement of the mortgage licensing act, borrowers can determine if the mortgage loan originator is licensed and registered.
The SAFE Mortgage Licensing Act encourages states to set minimum standards for the licensing and registration of state-licensed mortgage loan originators and calls on the Conference of State Bank Supervisors (CSBS).
And the American Association of Residential Mortgage Regulators (AARMR) created and maintains a national mortgage licensing system and registry for the residential mortgage industry in order to improve consumer protection and decrease fraud.
The SAFE Act establishes a minimal requirement for mortgage loan originators' licensing and registration. On the Nationwide Mortgage License System Registry, you can find details about state-specific licensing requirements (NMLSR).
The NMLSR website or the federal bank regulator of the employer where a mortgage loan originator works can be contacted for information on the registration requirements.
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