| Title: | Mortgage Licensing System Starts Today |
| Source: | Industry News |
| Date: | 1/2/2008 |
The CSBS/AARMR Nationwide Mortgage Licensing System (NMLS) launched January 2 initially with seven states participating in the new venture. At least 8 additional states are
expected to join the system during 2008.
The seven states using the system in January 2008 are Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York, and Rhode
Island. Licensees in these states will be required to transition their licensing information onto the system by the timeframes
indicated in each states' transition plan.
NMLS is owned and operated by the State Regulatory Registry LLC, a wholly-owned subsidiary of the Conference of State Bank
Supervisors (CSBS). NMLS is a joint project of CSBS and the American Association of Residential Mortgage Regulators (AARMR)
begun several years ago with the goals of improving supervision, streamlining compliance and enhancing consumer protection.
The total number of agencies pledging their intent to participate in NMLS has reached 42. Collectively, these 42 states manage
over 54,000 company licenses, 48,000 branch licenses, and 277,000 loan officer licenses.
More information about the State Regulatory Registry LLC can be found on the SRR Website. (www.stateregulatoryregistry.org)