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Hawaii Becomes the Last State to Join the NMLS

NationalMortgageProfessional.com
Oct 20, 2010

Less than 34 months after its official launch, all 50 states have joined the Nationwide Mortgage Licensing System and Registry (NMLS). Hawaii became the last state to join the NMLS, thereby ensuring improved supervision of non-depository mortgage lenders, brokers, and mortgage loan originators maintaining licensure through a single system shared by all state mortgage regulators. “NMLS was built to be the foundation of a coordinated and transparent system of mortgage supervision implemented by state regulators,” said Neil Milner, CSBS president and chief executive officer. “Having all 50 states on the System provides greater transparency within the mortgage industry and makes information available to consumers as they obtain mortgages from state-licensed entities.” “This milestone is a testament to the hard work and commitment of state mortgage regulators,” said Gavin Gee, Director of the Idaho Department of Finance and Chairman of the State Regulatory Registry LLC (SRR). A limited liability company established by CSBS and the American Association of Residential Mortgage Regulators (AARMR), SRR operates NMLS on behalf of state regulators. “State regulators have demonstrated their ability to coordinate on an unprecedented level to enhance supervision of the residential mortgage industry and protect consumers. Launched in January 2008 with seven states (Idaho, Iowa, Kentucky, Maine, Nebraska, New York and Rhode Island), NMLS now includes 58 state agencies from all 50 states, the District of Columbia, and the territories of Puerto Rico and the U.S. Virgin Islands. NMLS currently tracks nearly 16,000 mortgage companies holding over 30,000 licenses and over 126,000 mortgage loan originators holding over 207,000 licenses. For more information, visit www.mortgage.nationwidelicensingsystem.org.
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