Nationwide Mortgage Licensing System
UPDATE: Texas is on the NMLS now Are you a licensed mortgage broker in the state of Texas? Does the compensation that you make on a loan go to your corporation or LLC? If so, you now need to get your mortgage corporation or LLC licensed. The applications just posted last week. If you're in [...]
State mortgage regulators from around the country have been working since 2004 to develop a nationwide licensing system for the residential mortgage industry that will improve supervision of the mortgage industry, streamline the licensing process for mortgage companies and professionals, and enhance consumer protection. The Nationwide Mortgage Licensing System (NMLS) is a web-based system that [...]
Starting Jan. 2, 2008, the Office of Financial Institutions (OFI) will join with several other states across the country in participating in the Nationwide Mortgage Licensing System (NMLS). The NMLS was developed by state regulators through the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). Important information about [...]
South Dakota has passed SB165, which requires loan officers to be licensed as Mortgage Brokers if brokering and licensed as loan originators if working for a direct lender The bill is effective December 1, 2007. Mortgage Lenders Requires current licensees to have a $25,000 surety bond by August 31, 2007 and for new licensees it [...]
As of August 18, 2007 there have been 35 states that have signed the statement of intent to take part in the National Licensing Database. Currently 12 states are using the Uniform MU Forms for license applications and more are expected to come on board. Each state still however has their own addendum to the [...]
Mortgage Licensing System Embraced By Some Slammed By Others Mortgage News Daily Late last week CBSB/AARMR announced that 28 states and the District of Columbia had signed a Statement of Intent indicating they will be participating in the Residential Mortgage Licensing System by the end of 2008. In signing the statement the 29 state agencies [...]