In order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud, the States, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, are hereby encouraged to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry that accomplishes all of the following objectives:
(1) Provides uniform license applications and reporting requirements for State-licensed loan originators.
(2) Provides a comprehensive licensing and supervisory database.
(3) Aggregates and improves the flow of information to and between regulators.
(4) Provides increased accountability and tracking of loan originators.
(5) Streamlines the licensing process and reduces the regulatory burden.
(6) Enhances consumer protections and supports anti-fraud measures.
(7) Provides consumers with easily accessible information, offered at no charge, utilizing electronic media, including the Internet, regarding the employment history of, and publicly adjudicated disciplinary and enforcement actions against, loan originators.
(8) Establishes a means by which residential mortgage loan originators would, to the greatest extent possible, be required to act in the best interests of the consumer.
(9) Facilitates responsible behavior in the subprime mortgage market place and provides comprehensive training and examination requirements related to subprime mortgage lending.
(10) Facilitates the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.
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Stable record: federal_law:legal_authorities:record_usc_06d6c7052ecd5bd3cdf039d5 Source file: Laws/federal/codes/united-states-code/title-12/section-5101-purposes-and-methods-for-establishing-a-mortgage-licensing-system-and-re--7d335e44a3.md Pages: Not recorded – Not recorded Passage SHA-256: 018196e57fcd1912672f4ed1a504db02f53a988a1bd28053596e937defb0ebd8 Retained source evidence SHA-256: 4af838f4f77d89f3522745a20a87f292b56b04ca34a755c74f74c41527223248
Source location: Title 12, Chapter 51, § 5101; chapter-051-secure-and-fair-enforcement-for-mortgage-licensing.md
Stored source content
In order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud, the States, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, are hereby encouraged to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry that accomplishes all of the following objectives:
(1) Provides uniform license applications and reporting requirements for State-licensed loan originators.
(2) Provides a comprehensive licensing and supervisory database.
(3) Aggregates and improves the flow of information to and between regulators.
(4) Provides increased accountability and tracking of loan originators.
(5) Streamlines the licensing process and reduces the regulatory burden.
(6) Enhances consumer protections and supports anti-fraud measures.
(7) Provides consumers with easily accessible information, offered at no charge, utilizing electronic media, including the Internet, regarding the employment history of, and publicly adjudicated disciplinary and enforcement actions against, loan originators.
(8) Establishes a means by which residential mortgage loan originators would, to the greatest extent possible, be required to act in the best interests of the consumer.
(9) Facilitates responsible behavior in the subprime mortgage market place and provides comprehensive training and examination requirements related to subprime mortgage lending.
(10) Facilitates the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.
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Federal law — U.S. Code and appendices · legal_authorities
§ 5101. Purposes and methods for establishing a
mortgage licensing system and registry
In order to increase uniformity, reduce regu-
latory burden, enhance consumer protection,
and reduce fraud, the States, through the Con-
ference of State Bank Supervisors and the
American Association of Residential Mortgage
Regulators, are hereby encouraged to establish a
Nationwide Mortgage Licensing System and
Registry for the residential mortgage industry
that accomplishes all of the following objec-
tives:
(1) Provides uniform license applications and
reporting requirements for State-licensed loan
originators.
(2) Provides a comprehensive licensing and
supervisory database.
(3) Aggregates and improves the flow of in-
formation to and between regulators.
(4) Provides increased accountability and
tracking of loan originators.
(5) Streamlines the licensing process and re-
duces the regulatory burden.
(6) Enhances consumer protections and sup-
ports anti-fraud measures.
(7) Provides consumers with easily acces-
sible information, offered at no charge, uti-
lizing electronic media, including the Inter-
net, regarding the employment history of, and
publicly adjudicated disciplinary and enforce-
ment actions against, loan originators.
(8) Establishes a means by which residential
mortgage loan originators would, to the great-
est extent possible, be required to act in the
best interests of the consumer.
(9) Facilitates responsible behavior in the
subprime mortgage market place and provides
comprehensive training and examination re-
quirements related to subprime mortgage
lending.
(10) Facilitates the collection and disburse-
ment of consumer complaints on behalf of
State and Federal mortgage regulators.
(Pub. L. 110–289, div. A, title V, § 1502, July 30,
20