Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is the difference between NMLS registration and licensing?

April 26, 2017difference licensing nmls registration

0

Posted

What is the difference between NMLS registration and licensing?

1 Answer

0

Posted

NMLS registration is required for all mortgage loan originators. This is intended to create a centralized national database of disciplinary information for individuals originating residential loans. Registration is the only SAFE Act requirement for mortgage loan originators who are employees of a FDIC insured bank or savings and loan, its subsidiary, or an institution regulated by the Farm Credit Administration. For all other mortgage loan originators, including those working for Mortgage Brokers and Mortgage Lenders, the SAFE Act also requires state licensure for each state where the individual originates loans. The licensure process will be facilitated through the NMLS and its systems. State-licensed mortgage loan originators are subject to the education and testing requirements of the SAFE Act.