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 the system and licensees’ responsibilites under the system is outlined below.
Overview of the System
The NMLS is a Web-based system that will allow state-licensed mortgage lenders and mortgage brokers to apply for, amend, update or renew a license online in Kentucky as well as in other participating states. The goal of the NMLS is to streamline and improve the licensing process for both regulators and the mortgage industry by using a national online system and a single set of uniform forms.
Each licensed company will have a single record in the NMLS, regardless of the number of licenses it holds or the number of states it operates in. Each licensed company will have access to its record in the system through a secure Web site, allowing it to conveniently view the license information, make changes, apply for, renew or surrender licenses throughout the year.
All companies that currently hold a license with OFI will need to complete a two-part process to get set up on the NMLS.