What is NMLS?
The NMLS (Nationwide Mortgage Licensing System) is an internet based licensing system developed for the mortgage industry and created by the state and federal mortgage regulatory organizations, CSBS (Conference of State Bank Supervisors) and AARMR (American Association of Residential Mortgage Regulators). It was developed to regulate and improve supervision of the mortgage industry by streamlining the license application and renewal process. Mortgage companies and loan originators must create an electronic record and be licensed through the system. Each state will retain its regulatory authority to approve, deny, suspend, or revoke licenses. NMLS is designed to satisfy requirements of all states. It is important that all applicants, companies and individuals, refer to jurisdiction-specific requirements in each state, in which they are applying, in order to be sure they meet the necessary qualifications. For more details on NMLS.
Related Questions
- I am currently working as a mortgage loan originator, but not yet licensed under the NMLS. Should I still comply with the old continuing education requirement for my state?
- Does Real Estate Institute offer any NMLS approved continuing education courses?
- Is continuing education required to maintain my state license(s) (under the NMLS)?
