Nationwide Mortgage Licensing System Expanding

From July 1st, 2008 when another 6 states start using the Nationwide Mortgage Licensing System, the NMLS will be in use in total by 14 states. According to Conference of State Bank Supervisors (CSBS) & American Association of Residential Mortgage Regulators (AARMR), the 6 states that are starting to use the NMLS are -

1. North Carolina
2. Vermont
3. Connecticut
4. Mississippi
5. New Hampshire
6. Louisiana

At present forty two state agencies that represent forty states have confirmed their future participation. The eight other states that are presently using the NMLS are -

1. Iowa
2. New York
3. Washington
4. Nebraska
5. Idaho
6. Massachusetts
7. Rhode Island
8. Kentucky

The Nationwide Mortgage Licensing System is a web based system which is used by state-licensed lenders, loan officers & brokers to apply online for license and amend, update or renew it for all the participating state run agencies through only one set of uniform applications.

Right now NMLS is managing following licensed mortgage brokers & lenders -

1. 3557 Branch Locations
2. 16,867 Loan Officers
3. 5145 Companies

This licensing system is used by mortgage regulators to accept & process applications for license and also renewal forms developed by states. Through this system, license holders can manage a single record to apply for, renew, amend & surrender their licenses with any of the state residential mortgage regulators.