NMLS stands for the Nationwide Multistate Licensing System and Registry. State regulators use it to license mortgage companies and loan officers, and it assigns each one a unique NMLS ID that stays with them for good, even when they change employers. The Conference of State Bank Supervisors runs it for the states, and anyone can search the records for free at NMLS Consumer Access (nmlsconsumeraccess.org).
What an NMLS record shows
A company record lists the legal name, any trade names, office locations and every state license the company holds, each with its license number and status. A loan officer's record adds the companies they've worked for and the company currently sponsoring their license. Both kinds of records show regulatory actions taken by any state. In Florida, the Office of Financial Regulation issues the licenses, and an active one reads as approved on the record.
Loan officers who work for banks and credit unions appear in NMLS as federally registered. Loan officers at mortgage brokers and other non-bank companies are state-licensed, which carries the education, testing and background requirements below. Federal rules also require the company's and the loan officer's NMLS IDs on your loan application, your note and your mortgage.
What it takes to hold a state license
The federal SAFE Act sets the floor every state license must meet, including Florida's:
| Requirement | Detail | Hours or score |
|---|---|---|
| Pre-licensing education | Federal law 3 + ethics 3 + nontraditional lending 2 + other topics 12 | 20 hours |
| National exam | At least 75 correct answers out of every 100 | 75% to pass |
| Retakes | Up to 3 tries, each at least 30 days apart, then a 6-month wait | |
| Yearly continuing education | Federal law 3 + ethics 2 + nontraditional lending 2 + 1 more hour | 8 hours a year |
The state also checks criminal history through fingerprints and reviews the applicant's credit report before a license is granted. A loan officer who keeps a license active for ten years has logged 20 + (8 × 10), or 100 hours of approved education.
How to look up a mortgage company or loan officer
- Go to nmlsconsumeraccess.org and accept the terms of use.
- Type the NMLS number, or the company or person's name, into the search box.
- Open the record and find Florida in the license list. The status should read approved.
- Scroll to regulatory actions and read anything listed there.
The lookup works the same for any company or loan officer you're comparing. Try it on AAA Capital Funding, Inc. under NMLS #374739 and Jason J. Sarji under NMLS #374700. Then use the affordability calculator for a starting price and call 888-601-8344 to run your numbers with a licensed Florida loan officer.