Obtaining an NMLS number is no simple feat. There’s a lot of time, money, and paperwork involved but there’s still more to do after you pass the test and are a part of the system.
Some of the things that are necessary to complete your online record are out of your hands. They require verification from the companies that you’re employed by or who you are authorized to represent. In order for this information to be processed accurately, you will need to provide these companies with access to your NMLS record.
Why Does a Company Need Access to My NMLS Record?
You might be hesitant to provide information to a company concerning you NMLS consumer record. After all, you worked hard to get your license, completed all the necessary education, and went through a credit check and criminal background check to get it.
That said, there are some instances in which it’s necessary. Let’s take a closer look at the reasons that a company might want access to this seemingly private information.
1. The need to view your record.
One thing to remember is that your NMLS ID stays with your forever. It’s attached to your social security number so it stays with you for life.
That said, it’s likely that any potential employers in the mortgage lending field are going to want to take a close look at your NMLS record. First, this is verification that you’re actually licensed and allows them to gather the information they may need to make a decision about whether or not to make you a job offer.
You will only show up in the NMLS system if you’ve ever held a license or have been denied one for any reason. This includes instances where you’ve applied for a license and either failed the exam or didn’t pass a background check. Potential employers need this information to make sure all the qualifications for employment are met.
Current mortgage loan originator employers may also check your record occasionally to verify that there’s been no change in status or to make sure everything has been renewed on time so as not to disrupt the business.
2. They need to complete an MU2 or MU4 form.
The purpose of the MU forms is to make sure the same information is collected from companies, branches, and the person applying for the license. They’re designed to provide regulators with all the information they need to approve a new license or a renewal.
These forms can be generated by your employer and, in order for them to do so, they’ll need to access your information.
3. The need to pay for a SAFE Test.
When applying for a license, you’re required to pass the Secure and Fair Enforcement (SAFE) Test. If your employer is paying for you to take the exam, they will need access to your records to process the payment.
4. The need to create a relationship and sponsorship in the system.
The NMLS system provides this as a way for consumers to verify a relationship between you and a licensed, registered company. Most mortgage loan originators can’t make loans on their own and need to be connected to an institution to do so.
At the state level, this means that you’re verified to represent the company to the client. In order to get this designation in the system, the company you’re associated with has to verify that you have a relationship.
If you’re federally registered, this designation means that you’ve met the federal requirements for licensure and the institute you’re authorized to represent has confirmed that you work for them.
We should note that once a company has access to your record, the will continue to have access unless your relationship is ended in the system. That means that employers will also have to log in to update when you stop working for them or when you’re no longer authorized to represent them.
How to Provide NMLS Access to a Company
NMLS has an extensive website where you can do just about anything you can think of when it comes to your NMLS licensure and record, including allowing companies access to your information.
First, go to the main website and log in by clicking on the icon in the top right corner of the page. Continue logging into your account.
Next, click on the “Filing” tab and then click on the “Company Access” link. Click the “Add” button to search for the company you want to give access to your account.
You can search by company name or using their NMLS number. Verify that you’re choosing the correct company before checking the corresponding box next to their name. Then, click the “Save” button.
You should then be directed to the Company Access screen which will now show the company you just gave access to. They will be notified by email that they have your permission to access your record.
That’s it! You will be notified of any changes to your account that the company makes concerning your NMLS number.
What about Consumers?
Customers can find out basic information about a lender as long as they know their NMLS number. The website offers a search function that provides a lot of information about each lender. You can often see the states where licenses are held, obtain an office address, and learn if there has been any action brought against the license.
In other words, consumers don’t need any special information to learn what they need to know about your record. All they need is your NMLS number and they can access the information they need to know but they cannot see everything that a company is granted access to.
Making It Easy
The NMLS online system makes it really easy to provide companies access to your records. All you have to do is log in and follow the prompts. This is an important step to moving forward with testing or creating relationships to move on to the next part of your career.