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Database details mortgage lenders

SPRINGFIELD – Prospective mortgage borrowers can now turnthe tables and check out the financial and employmentbackgrounds of the people who want to give them the loan.

a new online database available at www.nmlsconsumeraccess.org lists every non-bank mortgage lender andbroker and their licensed employees.

“We think that it’s a tremendous tool forconsumers,” said David J. Cotney, chief operatingofficer of the Massachusetts Division of Banks. “Wethink it is tremendous for consumers to have this a clickaway.”

Cotney said the Nationwide Mortgage Licensing system &Registry will add data for federally regulated banks by themiddle of this year; until then, that data is available fromthe Federal Deposit Insurance Corp. at www.fdic.gov/

William Matthews, president of the State RegulatoryRegistry, a consortium of state banking regulators inWashington that runs the Nationwide Mortgage LicensingSystem & Registry, said the beauty of this new, nationaldatabase is that it will bring together data that has longbeen kept by various state and federal agencies.

In the future, the site will also list any officialdisciplinary action taken against a license holder, Matthewssaid.

As an example, he said the state of Connecticut put amortgage broker out of business last year. but the next daythat broker had filed license applications in eachneighboring state.

“It took all these banking commissioners calling eachother,” Matthews said in a telephone interview.”That is the only way we could stop that sort of thing.Now, we can use this database.”

a federal law passed in 2008 created the NationwideMortgage Licensing system & Registry.

Matthews said it already has information from 45 states andU.S. territories including every new England state exceptMaine. He’s working to add data from more states to theWeb site.

“Massachusetts has been one of the leads onthis,” he said.

Jim Kinney can be reached at jkinney@repub.com

Database details mortgage lenders

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