Only Three States Still Lack Commitment to NMLS

All but three states have committed to join the Nationwide Mortgage Licensing System, and 15 have already enacted a licensing process that meets the standards spelled out in Title V of last year's Housing and Economic Recovery Act, according to the latest count from the Conference of State Bank Supervisors. Under Title V, the Secure and Fair Enforcement Mortgage Licensing Act, all mortgage originators must be licensed or registered with the NMLS, which was launched 15 months ago by CSBS in collaboration with the American Association of Residential Mortgage Regulators. Currently, 24 states and Puerto Rico use the system to manage licensees, and 10 more states should be on the system by the end of the year, CSBS's William Matthews said at the Mortgage Bankers Association's National Secondary Market Conference in Chicago. All states save for Nevada, Ohio and Minnesota will be on the system by the end of 2010, Mr. Matthews told the conference. The system is now managing more than 96,000 licenses, he also reported, and tracking some 15,000 companies, 10,000 branches and 71,000 loan officers. Through NMLS, lenders, bankers, brokerage companies and loan officers in participating states are able to complete a single application online, regardless of the number of states in which they work. Data is housed in a centralized repository available to regulators, and licensees can access their records through the NMLS website to update, amend and renew their licenses.