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National Mortgage Professional
Feb 17, 2009

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 in 2010. 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 Matthews. "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. For more information, visit www.stateregulatoryregistry.org.
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