The Nationwide Multistate Licensing System and Registry (NMLS) was created in 2008 by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) to provide a centralized online system for state-licensed mortgage companies, lenders, and other financial services providers to register and manage their licensing information. The NMLS provides a secure, centralized platform for licensees to apply for and maintain licensure in multiple states, and for regulators to review and monitor licensees. The system also serves as a repository for consumer complaints and disciplinary actions against licensees.
Nationwide Multi-State Licensing System and Registry (US)
The Licensing system and record in multiple states across the country (NMLS) is the registry system for licensing or registering non-depositary financial services with participating state agencies, including the District of Columbia and the US Territories of Puerto Rico, US Virgin Islands and Guam. In these jurisdictions, the NMLS is the official system for companies and individuals seeking to apply for, amend, renew and surrender license authorities managed through the NMLS by 64 state or territory government agencies. The NMLS itself does not grant or deny license authority.
The NMLS is the only mortgage business licensing system for 58 state agencies and the only mortgage originators (MLOs) licensing system for 59 state and territory agencies. More than three-quarters of states also currently manage additional types of licenses through the System in the financial services, debt and consumer finance business sectors. The NMLS is also the registry system for the registration of custodians, custodian subsidiaries and MLOs pursuant to the Consumer Financial Protection Bureau’s Regulation G (SAFE Mortgage Licensing Act), published on December 2011.
NMLS is owned and operated by State Regulatory Registry LLC, a wholly owned subsidiary of the Conference of State Bank Supervisors (CSBS).
The system envisions that all mortgage originators receive a unique identification number that would be associated with them when they move between companies and between states, thus helping to prevent troubled individuals from escaping the consequences of their past activities.
NMLS stands for Nationwide Mortgage Licensing System – Not Multi State – See NMLS website for confirmation.
It is also called the National Multistate Licensing System and Registry (NMLS-R)
The NMLS was created in January 2008 by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), both based in Washington, DC. It began operating as a voluntary system among seven states cooperating to improve regulation of the mortgage and other non-deposit industries through better oversight, streamlined licensing procedures, and increased consumer protection.
The SAFE Act
Title V of the Housing and Economic Recovery Act for 2008 (HERA), the Secure and Fair Enforcement for Mortgage Licensing Act, required all states to license mortgage originators through the NMLS and required that all licensed and registered mortgage originators registered with the NMLS. The SAFE Act requires creators to complete pre-licensing education approved by the NMLS.
In 2017, New York regulators announced the expansion of the use of the NMLS to include the regulation of money transmitters.
This section needs to be updated. Please help update this article to reflect recent events or newly available information. (November 2021)
NMLS 2.0 is scheduled to be released in the second quarter of 2019.
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