March 05, 2010
Business Information Group (BIG®) announced that it has been selected by the Nationwide Mortgage Licensing System and Registry (NMLS) to provide electronic fingerprint collection services to mortgage loan originators nationwide.
The NMLS, which is a national mortgage licensing system owned and operated by state financial regulators, was formed to fulfill the requirements of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the SAFE Act). The SAFE Act requires that all individuals applying for a mortgage loan originator license through NMLS submit to a fingerprint-based FBI criminal background check. All existing state-licensed mortgage loan originators must also provide fingerprints to NMLS and request a national criminal background check prior to the deadline established by their state regulator.
BIG®, which has been providing background screening services exclusively to the financial services industry for 20 years, is making more than 700 NMLS-approved electronic fingerprint capture sites available nationwide through its sister company, Fieldprint, Inc. BIG’s Livescan technology helps to improve process efficiencies and lower error rates, and BIG® provides mortgage loan originators with a professional fingerprinting experience. BIG® also collects fingerprints through print-card sites in some areas; in those cases, BIG® scans the print-cards and converts ink-based prints to an electronic format.
The SAFE Act also authorized the Conference of State Bank Supervisors (CSBS) to channel fingerprints to the FBI so that a single background check is conducted on a mortgage loan originator and reviewed by all states that regulate that individual. The new process implemented by BIG® and NMLS is more streamlined and cost-effective, as the previous process relied on each state requesting a separate background check.
“The need for a convenient fingerprinting solution that provides mortgage loan originators with outstanding customer service is growing rapidly,” said BIG® CEO Tony D’Orazio. “We are pleased to work with NMLS to fulfill that need by offering access to BIG’s extensive nationwide network of fingerprint collection sites. Our experience in serving banking and financial services firms also allows us to provide mortgage loan originators with the courteous, professional fingerprinting experience they expect.”
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About Business Information Group®
Business Information Group (BIG®) is part of the Vertical Screen® family of applicant screening companies. BIG® provides customized screening services, including background investigations, fingerprinting services, drug testing and occupational health screening and international screening, to financial services firms worldwide. BIG® utilizes technologically advanced resources to bring the financial services industry next-generation solutions for fast, accurate and convenient screening programs. To learn more, visit BIG® at www.bigreport.com or call 800.369.2612.
About the Nationwide Mortgage Licensing System
The Nationwide Mortgage Licensing System (NMLS) is the legal system of record for licensing in all participating states, the District of Columbia and U.S. Territories. In these jurisdictions, NMLS is the official and sole system for companies and individuals seeking to apply for, amend, renew and surrender licenses managed in the NMLS on behalf of the jurisdiction’s governmental agencies. NMLS itself does not grant or deny license authority. NMLS was created by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). It is owned and operated by the State Regulatory Registry LLC (SRR), a wholly owned subsidiary of CSBS. The system has been built and maintained by the Financial Industry Regulatory Authority (FINRA).
