NMLS is Being Outfitted for Non-Mortgage Industries

February 13, 2012

The Conference of State Bank Supervisors (CSBS) and its affiliate – the State Regulatory Registry LLC (SRR) – have announced plans to enhance the use of the NMLS to accommodate state use of the System for non-mortgage, non-depository financial services industries. This will give states the ability to use NMLS to license or register entities in a number of financial services industries, including consumer lending, money services businesses and debt collection. A dozen states are scheduled to start transitioning existing licenses and registrations onto NMLS as soon as this April, with more to follow in 2013.

Featured Speakers at NMLS Conference

January 18, 2012

The fourth NMLS Annual Conference & Training is bringing together over 99 state regulators from 50 state agencies as well as federal regulators from the CFPB, FDIC, and NCUA.

Featured Speakers:

CFPB and the Supervision of the Mortgage Industry for Depositories and Non-depositories
Peggy Twohig
Assistant Director for Non-depository Supervision, Consumer Financial Protection Bureau
NMLS and State Licensing Update
David Cotney
Commissioner, Massachusetts Division of Banks
Mortgage Market and Economic Outlook – 2012
Doug Duncan
Vice President and Chief Economist, Fannie Mae
Mortgage Industry Views on Regulation and the Future of the Mortgage Industry
Brian Chappelle
Founding Partner, Potomac Partners

For registration, agenda, hotel info and more details, go to NMLS Annual Conference.

2012 Renewal

November 22, 2011

The 2012 NMLS Streamlined Renewal Process is underway. This year, over 16,000 companies and 115,000 state-licensed mortgage loan originators, holding licenses from one or more of the 58 state agencies using NMLS, are eligible to renew their licenses for 2012. Additionally, over 10,000 institutions and about 250,000 federally registered mortgage loan originators are eligible to renew their federal registration (roughly 100,000 MLOs are already registered through the end of 2012).

In just the first three weeks of the renewal period, a significant number of state licensees and federal registrants have completed the process. The percentage of companies and individuals who have submitted their renewal request as of November 19th is shown below. The renewal period ends December 31, but several state agencies have earlier deadlines for licenses. For more go to NMLS Renewal.

2012 renewal stats

NMLS Annual Conference

November 1, 2011

2012 Conference

The fourth NMLS Annual Conference & Training will be held in Scottsdale, Arizona on February 6-9, 2012. With over 400 attendees last year, the NMLS Annual Conference has become a must attend event for banks and nonbank companies that employ mortgage loan originators and are interested in state and federal mortgage supervision. The 2012 Conference will bring together state regulators from nearly all 50 states and U.S. Territories as well as federal regulators. Topics will include:

  • NMLS update – including the new MU Forms
  • CFPB update
  • Enforcement actions posting to NMLS
  • Expansion of NMLS to other industries
  • Development of a single State MLO SAFE Act test
  • NMLS Mortgage Call Report
  • Federal and state coordination on QRM, Loan Officer Compensation, SAFE Act, and more

For the full agenda, registration, hotel info and more details, go to NMLS Conference.

Continuing Education for 2011 (STATE)

September 21, 2011

The SAFE Act requires state-licensed MLOs to complete 8 hours of annual continuing education. Some states have additional requirements (see the State-Specific Education Requirements Chart).

So far in 2011, MLOs have completed 270,471 hours of continuing education (CE). Roughly 40% of the estimated 85,000 MLOs who are required to complete CE are now compliant.

MLOs need to complete their CE in order to renew their license for 2012. Don’t wait until the last minute. You can find CE courses on the NMLS Resource Center, under Professional Standards > Education.

MLO CE Compliance