Nationwide Mortgage Licensing System expands to 14 statesMortgagePress.comNMLS, Nationwide Mortgage Licensing System, CSBS, AARMR, NMLS Call Center, state regulators
The Conference of State Bank
Supervisors (CSBS) and the American Association of Residential
Mortgage Regulators (AARMR) have announced that six more
states, Connecticut, Louisiana, Mississippi, North Carolina, New
Hampshire and Vermont, will begin using the Nationwide Mortgage
Licensing System (NMLS) beginning July 1.
The eight states currently using NMLS are Idaho, Iowa, Kentucky,
Massachusetts, Nebraska, New York, Rhode Island and Washington.
To date, 42 state agencies representing 40 states have committed
to participate.
NMLS is a Web-based system that allows state-licensed mortgage
lenders, mortgage brokers, and loan officers to apply for, amend,
update or renew a license online for all participating state
agencies using a single set of uniform applications.
A total of 19, or more than one-third of the states are
scheduled to be using NMLS by the end of the year.
"This unprecedented adoption rate is the result of hard work
begun several years ago by state regulators as we envisioned a new
regulatory framework that would begin to address some of the gaps
we experienced in state and federal oversight of the mortgage
industry," said Gavin Gee, Idahos Director of Finance and chairman
of State Regulatory Registry LLC, the CSBS subsidiary which
developed and operates NMLS.
NMLS was immediately successful at launch and is proving to be
an invaluable supervisory tool, said Neil Milner, president and CEO
of CSBS.
To date, NMLS manages the following number of state-licensed
mortgage lenders and brokers.
• 5,145 companies
• 3,557 branch locations
• 16,867 loan officers
By year-end, SRR expects that these numbers will triple over the
current levels.
Since January, the NMLS Call Center, located in Rockville, Md.,
has responded to over 28,000 calls in assisting the industry on how
to use the System, and the website has received over 170,000
visitors.
"While these numbers reveal the supervisory importance of NMLS,
they are only a small portion of the impact the System will have in
the coming years on state supervision of the mortgage industry,"
said Bill Matthews, SRR's president and CEO.
"The importance of this initiative is underscored by the 19
state agencies that will come on the System during its first year,"
said David H. Bleicken, AARMR president and SRR board member.
"These states are creating the initial critical mass necessary for
the Systems success," he added.
NMLS is used by state residential mortgage regulators to accept
and process uniform license applications and renewal forms created
by states. Licensees are able to manage a single record
electronically in the System to apply for, amend, renew, and
surrender licenses with one or more state regulators.
To view a chart showing transition dates for each state that
will be joining NMLS, click
here.
To view the Statement of Intent, click
here.
