American Association of Residential Mortgage Regulators (AAMR) & CSBS (Conference of State Bank Supervisors) through a press release have informed that the (NMLS) Nationwide Mortgage Licensing System is now operational.
NMLS will work as a base for coordination between states on consumer protection & mortgage supervision. Initially 7 seven states (
Using this system mortgage companies will be able to electronically apply for & manage their licenses. NMLS will also reduce department & industry costs related to processing licenses. It will help in streamlining licensing application & renewal process for professionals & companies.
After some time consumers will get access to the system’s enforcement & public licensing information. It would help them in checking credentials and history of loan officers before selecting them.
