Types of Branches
Modex supports two types of branches in our platform. All branches are created via licensing/registration/location data we get from a variety of sources.
State Licensed: State licensed companies (generally lenders, brokers, and mortgage bankers) are required to licenses their company, branch, and individual loan officers. Using this data we are able to create branches.
Federally Registered (Beta): Federally registered companies (generally banks, depositories, and credit unions) are required to only register their company and individual loan officers. This means that Modex does not get licensing/registration data on these branches and we create them ourselves. You will notice that branches that belong to federally registered companies (IE: Bank of America, etc) don't have an NMLS ID.
If you have questions on how we approach branches or have feedback for us, please reach out to Modex Support.