Less than 34 months after its official launch, all 50 states have joined the Nationwide Mortgage Licensing System and Registry (NMLS), reports the Conference of State Bank Supervisors (CSBS). Hawaii joined the system this week.
‘NMLS was built to be the foundation of a coordinated and transparent system of mortgage supervision implemented by state regulators,’ says Neil Milner, CSBS president and CEO. ‘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.’
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.