“These principles and sample legislative language are a key step toward making sure the RMLS serves as an effective tool to share information about licensed lenders and brokers from state to state,” said Robbins.  “We have long said we want to rid the mortgage industry of bad actors, and the RMLS will allow state mortgage regulators to have information at their fingertips that will help them enforce existing laws that protect consumers from those in the lending process who have a proven track record of abuse.”   

The RMLS is a national licensing system that would provide uniform applications and annual renewals for residential mortgage lenders and brokers through a secure website.  The RMLS would also be a central repository of information about state licensees and publicly adjudicated enforcement actions.  CSBS has established an independent entity, the State Regulatory Registry LLC (SRR) to manage and oversee the RMLS. 

“In particular, we are very pleased that the principles make clear that through the SRR, state regulators will work with the mortgage finance industry to develop standard statutory and regulatory policies that would be endorsed in use for all states and MBA looks forward to working with the state mortgage regulators on achieving that goal,”  continued Robbins.  “These principles also reaffirm that the RMLS is not intended to alter who is and is not licensed by a participating state agency.  Determining who is subject to licensure should be considered outside the RMLS.  We also applaud CSBS and AARMR for agreeing to create a Mortgage Advisors Council that will allow lenders to play a role in making the RMLS as effective and efficient as possible.”

Information on the RMLS and the principles and related sample legislation can be found on the CSBS website at www.csbs.org.

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 370,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site:  www.mortgagebankers.org.