NMLS Jurisdictions Increase to 33

Eleven more jurisdictions are expected to join the Nationwide Mortgage Licensing System by this summer, bringing the total to 33. The system, which started operations 13 months ago, celebrated its first anniversary on Jan.2 with nearly 14,000 mortgage companies, 9.300 branches and 66,700 loan originators on board, according to the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. "NMLS has exceeded our initial expectations and is on solid footing as it enters its second year," said Gavin Gee, Idaho's Director of Finance and chairman of the State Regulatory Registry LLC, a CSBS subsidiary, which owns and operates the system. NMLS allows state-licensed mortgage lenders, mortgage brokers and loan officers to apply for, amend, update or renew licenses online in all participating state agencies using a single set of uniform applications. "The states now have a powerful supervisory platform to continue our consumer protection efforts," said AARMR President David Bleicken, deputy secretary of banking for non-depository institutions and consumer services in Pennsylvania. "The credit for the success of the NMLS to date belongs to the states." According to Bill Matthews, president of the State Regulatory Registry, several upgrades are planned for the system this year, including the electronic submission of financial statements, consumer access and criminal credit background checks. Fifteen more states have indicated they will begin participating in 2010, which would bring the total to 47. Only Nevada, Minnesota and Ohio are not on board.