CSBS Enhances NMLS Consumer Access to Include State Regulatory Actions

July 24 - The Conference of State Bank Supervisors announced the availability of public state regulatory actions on NMLS Consumer Access, began July 23. In addition, NMLS Consumer Access now directly connects the public to state agencies for the purpose of submitting a consumer complaint on a state-licensed company or individual loan officer.

This latest enhancement to NMLS Consumer Access consolidates enforcement actions taken by state regulatory agencies against state licensed companies and individuals in a single repository. The functionality also satisfies Title V of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, which requires that NMLS make available to the public access to certain mortgage loan originator information, including public regulatory actions and employment history.

“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.”

NMLS Consumer Access makes available to the public regulatory actions from more than 58 state agencies in one location. Previously, these actions were only accessible to the public from individual state websites. State agencies have a long history of taking enforcement actions when companies or individuals harm consumers or violate state or federal law. Thirty state agencies have begun posting enforcement actions on the system with more expected to follow. State regulators continue to make the determination of what information is reported on NMLS Consumer Access based on state law.

The availability of public regulatory actions of federally registered mortgage loan originators is expected on the system in early 2013.

Additional updates made to NMLS Consumer Access include direct access to state regulatory agency websites with jurisdiction of state licensees, a more clearly identifiable number of loan originators sponsored by companies and the integration of information regarding licensees in other non-depository, non-mortgage industries.

NMLS Consumer Access can be viewed at www.nmlsconsumeraccess.org.