As of this week, Oregonians that are looking to buy a house or refinance their mortgage can go online to check out their mortgage lender and make sure the lender meets the new licensing standards.
By going to www.nmlsconsumeraccess.org you can search for a particular mortgage company or a loan originator. You can see their licensing status and their employment history. The S.A.F.E. Act requires Oregon loan originators (actually all loan originators, not just Oregon), fulfill NMLS education and pass the SAFE Test in order to be licensed. By checking out this website, you will know if you’re working with a legitimate company or mortgage loan originator.
These new standards are intended to protect borrowers from shady lenders. Over time, the NMLS website will include additional information, like enforcement actions taken by states. Until then, consumers can find out enforcement actions against Oregon companies by going to DFCS website.