Benefits of the NMLS to State-licensed Companies and Individuals

The Nationwide Mortgage Licensing System (NMLS) will streamline the licensing process for all state licensed mortgage companies and individuals and allow state regulators to provide better service to their licensees.

The NMLS will create a single record for each licensed company, branch and loan officer and each control person, regardless of the number of states in which they conduct licensed activities.  Licensees will have access to this single record through a secure website 7 days a week, 362 days a year in order to make changes, apply for or surrender licenses.

Licensees will be able to conveniently check on the status of applications, amendment and renewal requests and will additionally be able to run reports concerning their company, branch and loan officer licenses.

Participating states have agreed to a single streamlined license renewal process that will merely involve a licensee certifying that their record is up to date, electronically paying any license renewal and/or processing fees, and submitting any required documentation (such as surety bond information) to the regulator.

For states requiring annual reports from its licensed mortgage lenders and/or brokers, the NMLS will streamline this process with standard loan volume and other questions to be answered for each jurisdiction.

Over the 2 year build-out of the NMLS, licensees can expect to see an even more streamlined process for providing criminal background reports to state regulators, electronic financial statement submission capability, and the ability to conveniently track testing and continuing education compliance.

In supporting the NMLS, the mortgage industry is supporting state regulators in improving the supervision of the companies and individuals that operate in the residential real estate finance industry.