If you’ve ever seen an ad featuring a mortgage loan officer or gotten a business card from a lender, you probably noticed a set of numbers by their name: their NMLS number.
But what’s a NMLS number, and what does it have to do with you?
If you're planning to buy or refinance a home, a NMLS number can actually give you some advantages as you make this important decision.
What is an NMLS Number?
According to the NMLS Resource Center, "the NMLS Unique Identifier is the identifier permanently assigned by the Nationwide Mortgage Licensing System & Registry (NMLS) for each organization, branch, and individual that maintains a single account on NMLS.”
What does this jargon mean? Simply put, an NMLS is a unique number given to every mortgage officer and financial institution.
A NMLS license verifies that a mortgage loan officer can legally issue mortgages and make home loan recommendations in at least one state.
While the NMLS system doesn’t grant licenses, it does provide a system with national standards to keep track of loan officers and their credentials.
Why is NMLS Important?
The NMLS system was created by the 2008 SAFE Act to protect customers like you.
Because of this database, you can essentially "vet" your mortgage loan officer and their licenses and qualifications. When you’re buying a home or refinancing, you can use this one-stop system to evaluate any loan officer or financial institution you want to work with.
Just check out the NMLS website at nmlsconsumeraccess.org to research your lender.
At INB, we take our numbers seriously. Our NMLS numbers are backed up by our integrity in lending. When you get a mortgage loan with INB, you get a quick and seamless process with a lender who can answer all your questions.
Come sit down with me to start your home buying process today!