Welcome to the “transparent” mortgage world. That is one of the buzz words in the industry these days. Nothing is hidden from view.
The NMLS recently upgraded their system capability
to enhance the license renewal process, increase access to credit reports for regulators, and update the way public disclosure information will be displayed at the Consumer Access portal at the NMLS website.
This personal information disclosure has always been a part of the original MU4 and MU4R application
, and where a “Yes” answer was submitted, the reason and/or documentation will now be available for the public to view starting in 2013 for questions that pertain to Federal Registry Disciplinary Actions.
Regulatory Action Disclosures are contained on the MU4 and MU4R in Section 6, items K thru O which comprises 12 questions. Note that these questions are a matter of public record… not private personal information like your financial disclosure.
Starting next year, anyone can look you up via your name and/or NMLS number to see if there are any reported violations in your personal public NMLS account profile. Anyone can look you up, not just government or state banking officials.
is also where disciplinary actions against companies can be viewed. Have you looked at your company to see if there are any violations reported? This is a good tool to use when you select a company you want to hire on with.
With the increase in staffing at the CFPB, state regulators are able to go after more violations they discover, and issue civil fines… or worse if the violations are severe.
All the more reason to pay attention to your ProSchools
SAFE Act course material!
Happy Halloween by the way!