Nationwide Mortgage Licensing System marks successful first year MortgagePress.comNationwide Mortgage Licensing System, NMLS, Conference of State Bank Supervisors, American Association of Residential Mortgage Regulators, David Bleicken
The Nationwide Mortgage Licensing System (NMLS) ended its first
full year of operations with 22 participating states and managing
over 90,000 company, branch and loan officer licenses. The System
was launched Jan. 2, 2008, with seven states. NMLS now expects to
have a total of 33 states on the system by summer 2009.
NMLS concluded its first year managing 13,936 mortgage
companies, 9,278 branches, and 66,692 mortgage loan originators.
The System was created by the Conference of State Bank Supervisors
and the American Association of Residential Mortgage Regulators to
serve as a key supervisory tool to state regulators.
"We're pleased to report NMLS has exceeded our initial
expectations and is on solid footing as it enters its second year,"
said Gavin Gee, Idaho Director of Finance and chairman of State
Regulatory Registry LLC, a CSBS subsidiary which owns and operates
NMLS. "Being able to launch such a comprehensive system and have
nearly half the states participating in the first year is a strong
indication of state regulators' ability to move quickly with
effective solutions," Gee said.
"Thanks to the hard work of state mortgage regulators from
around the country, the states now have a powerful supervisory
platform to continue our consumer protection efforts," stated AARMR
President David Bleicken, Deputy Secretary of Banking for
Non-Depository Institutions and Consumer Services in Pennsylvania.
"The credit for the success of the NMLS to date belongs to the
states," he added.
NMLS is a web-based system that allows state-licensed mortgage
lenders, mortgage brokers, and loan officers to apply for, amend,
update or renew licenses online for all participating state
agencies using a single set of uniform applications. The system
benefits industry and regulatory users by providing efficiency,
uniformity and enhanced supervision.
An additional nine states, the District of Columbia and Puerto
Rico are on track to begin participating in NMLS in 2009: Alaska,
Alabama, District of Columbia, Maryland, North Dakota, Oklahoma,
Puerto Rico, South Carolina, South Dakota, Tennessee and Virginia.
To date, an additional 15 states have indicated they will join NMLS
According to SRR President Bill Matthews, NMLS has undergone
three major upgrades in 2008 that added functionality for system
users. New components that were added included data download
capabilities, standard report functions, system notifications and
license renewal functionality. System enhancements planned for 2009
include electronic submission of financial statements, consumer
access, and criminal credit background checks, according to
"NMLS is achieving exactly what AARMR and CSBS leaders intended,
namely, provide a world class system for the regulation of the
mortgage industry, and demonstrates the effective and innovative
nature of state regulation," added Matthews.
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