According to the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), six additional states – Connecticut, Louisiana. Mississippi, North Carolina, New Hampshire and Vermont – will begin using the Nationwide Mortgage Licensing System (NMLS) beginning July 1.
The eight states currently using NMLS are Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York, Rhode Island and Washington. To date, 42 state agencies representing 40 states have committed to participate.
NMLS is a Web-based system that allows state-licensed mortgage lenders, mortgage brokers and loan officers to apply for, amend, update or renew a license online for all participating state agencies using a single set of uniform applications.
‘This unprecedented adoption rate is the result of hard work begun several years ago by state regulators as we envisioned a new regulatory framework that would begin to address some of the gaps we experienced in state and federal oversight of the mortgage industry,’ says Gavin Gee, Idaho's director of finance and chairman of State Regulatory Registry LLC, the CSBS subsidiary that developed and operates NMLS.
Source: CSBS