This subpart establishes minimum requirements that apply to administration of the NMLSR by the Conference of State Bank Supervisors or by the Bureau. The NMLSR must accomplish the following objectives:
Provide uniform license applications and reporting requirements for state-licensed loan originators.
Provide a comprehensive licensing and supervisory database.
Aggregate and improve the flow of information to and between regulators.
Provide increased accountability and tracking of loan originators.
Streamline the licensing process and reduce the regulatory burden.
Enhance consumer protections and support anti-fraud measures.
Provide 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.
Establish 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.
Facilitate responsible behavior in the mortgage marketplace and provide comprehensive training and examination requirements related to mortgage lending.
Facilitate the collection and disbursement of consumer complaints on behalf of state and Federal mortgage regulators.
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