12 U.S. Code § 5101 - Purposes and methods for establishing a mortgage licensing system and registry
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Purposes and methods for establishing a mortgage licensing system and registryIn 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:
Provides uniform license applications and reporting requirements for State-licensed loan originators.
Provides increased accountability and tracking of loan originators.
Enhances consumer protections and supports anti-fraud measures.
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.
Short Title of 2015 Amendment
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