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NMLS Licensingby Paul Donohue The NMLS Licensing, or National Mortgage Licensing System, was initiated by state mortgage regulators in 2004 as a response to the increasing volume and diversity of residential mortgage originators and the need to address these changes with current tools and overseers. NMLS Licensing was created by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) to improve supervision of the mortgage industry, streamline and make consistent the licensing process for mortgage companies and professionals, and to enhance protection of consumers. With the mortgage industry in the midst of massive change, licensing rules and regulations have been changing as well. The National Mortgage Licensing System and Registry was established in 2008 and anyone originating mortgages is now required to get a minimum number of hours of education and training and be listed in the national system known as the NMLS Licensing system. It is a secured, web-based system that will allow state licensed mortgage loan originators, companies, and branches to apply for, update, or renew licenses online. In addition, by going to www.NMLSConsumerAccess.org, potential borrowers will have access to a single source of current information, that will tell them whether the loan officer or broker with whom they are working is licensed, the company with whom he or she holds his or her license, the branch where the originator works and give 10 years of his or her employment history. The National Mortgage Licensing System brings greater uniformity, consistency and transparency to the mortgage industry while maintaining and strengthening the state regulators’ ability to monitor the industry and protect citizens. All participating state agencies use the same set of uniform applications. To this end, each licensed individual or company will have one complete record in the NMLS Licensing system, regardless of the number of licenses they hold or the number of states in which they operate. Another requirement of the NLMS is fingerprinting and a background check. Every mortgage loan originator (MLO), whether state-licensed or federally registered, is required to complete a Criminal Background Check Authorization Request (CBC) in the NMLS licensing system. The CBC is required for submission of the NMLS application form. Either an individual MLO or their employer may create the CBC Authorization Request through NMLS. Once an individual or employer has paid for the CBC request through NMLS, the MLO will be able to schedule a fingerprint appointment. As part of the SAFE Mortgage Licensing Act every mortgage loan originator must meet National and State pre-license and continuing education requirements in addition to registering with the National Mortgage Licensing System. A variety of pre-licensing and continuing education courses as well as test-preparation courses designed to help mortgage loan originators stay in compliance with the SAFE Act is available through Abacus Mortgage Training. Their NMLS Licensing Pre-licensing course is broken into seven sections and the instruction covers a two-day span, either in a live classroom setting or via virtual classroom over the web. Let Abacus Mortgage Training prepare you for the National Mortgage Licensing System exam.
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