Herb Thomas Mortgage License News http://www.thomas-law.com

Nationwide Mortgage Licensing System: Annual License Renewals for 2009

Nationwide Mortgage Licensing System

Annual License Renewals for 2009 As part of the NMLS 2009 Streamlined Renewal Process, all company and individual licensees must log into NMLS and attest that their record is accurate and current.  NMLS will allow users to attest to their record as part of the NMLS 2009 Streamlined Renewal Process starting October 13th. Company and individual licensees who have kept their record up to date will be able to renew their license(s) in a few steps. The NMLS 2009 Streamlined Renewal Process will begin November 1st and end December 31st.  Between now and November 1st, licensees should review their record and make sure it is up-to-date.  Any changes to a record must be submitted prior to the renewal request.  For more details about the renewal process see the Renewal Overview.

Five Additional States Receiving Applications through NMLS

On July 1, 2008 NMLS began receiving new application and transition filings in Connecticut, Mississippi, New Hampshire, North Carolina, and Vermont. Over the past two months, licensees in these states were sent letters from their regulator encouraging them to begin creating their NMLS record in anticipation of the state's participation. Licensees and new applicants are now able to submit these records through NMLS.

Nationwide Mortgage Licensing System Expands to 14 States

The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announce that six more states -- Connecticut, Louisiana. Mississippi, North Carolina, New Hampshire and Vermont -- will begin using the Nationwide Mortgage Licensing System (NMLS) beginning July 1st.

The eight states currently using NMLS are Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York, Rhode Island and Washington.

To date, 42 state agencies representing 40 states have committed to participate.

NMLS is a web-based system that allows state-licensed mortgage lenders, mortgage brokers, and loan officers to apply for, amend, update or renew a license online for all participating state agencies using a single set of uniform applications.

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New States Joining NMLS: NC, MS, VT, NH, CT, LA, WA Broker on 7-1-2008

6.5 New States are joining National Mortgage Licensing System [NMLS] on 7-1-2008: NC, MS, VT, NH, CT, LA, WA Broker.  Current Licensees must register on the NMLS by the Transition Deadlines [NC-9-30-2008, MS-9-1-2008, VT-9-1-2008, NH-10-1-2008, CT-9-30-2008, LA-10-1-2008] and all new Company, Loan Officer and Branch Office License Applications must be applied for through the NMLS.

Currently, 8 States are on the NMLS: ID, IA, KY, MA, NE, NY, RI, WA [Consumer Loan only].

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