14 States now signed up to Nationwide Mortgage Licensing System on 100 Mortgages

CSBS and AARMR, have announced that six more states have signed up to the Nationwide Mortgage Licensing System, this now means that 14 states are now signed up to the NMLS. The six states that have just signed up are, Connecticut, Louisiana. Mississippi, North Carolina, New Hampshire and Vermont, they will start using the new system on July 1.

The eight states who were already signed up are Kentucky, Idaho, Iowa, Massachusetts, Nebraska, New York, Rhode Island and Washington. The Nationwide Mortgage Licensing System allows state-licensed mortgage lenders, loan officers and mortgage brokers to apply for, amend, update or even renew a license online for all participating state agencies; this is done by using a single set of uniform applications.

It is thought that 19 states will use NMLS by the end of the year. Gavin Gee, Idaho’s Director of Finance has said “This unprecedented adoption rate is the result of hard work begun several years ago by state regulators as we envisioned a new regulatory framework that would begin to address some of the gaps we experienced in state and federal oversight of the mortgage industry.”

Since January, the NMLS Call Centre, which is located in Rockville, had taken over 28,000 calls. They assisted the callers in how to use this new system, there website has also had 178,000 visitors.

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