Professional & Financial Regulation – Consumer Credit Regulation
Consumers and Mortgage Professionals to Benefit
May 18, 2010 – (RealEstateRama) — Superintendent Will Lund from the Bureau of Consumer Credit Protection announced on Tuesday that Maine will make it easier and more efficient for mortgage lenders to apply for and manage their licenses by joining the Nationwide Mortgage Licensing System (NMLS). The change will also protect Maine consumers by increasing oversight of the mortgage activities of loan originators in other states.
The transition to the NMLS will begin October 1st. It should be completed by the end of the year. Starting this month, however, the Bureau will release information to all existing loan officers and their employers—including detailed instructions for transitioning individual loan originators onto NMLS.
“The Bureau is looking forward to being a part of this new regulatory framework created by the states, since we believe it will result in improved supervision of the mortgage industry,” Superintendent Lund commented. “The multistate system will allow Maine mortgage loan originators to apply for and manage their licenses electronically. Because this system links together records from all states, we will be better able to keep track of loan officers with a history of violations in other states.”
Beginning on October 1st, all mortgage loan originators doing business with Maine consumers will be able to obtain licenses from the Nationwide Mortgage Licensing System (NMLS). NMLS began operations on January 2, 2008, and currently has forty-eight states using the system to accept and process national, uniform license applications. Licensees are able to electronically manage a single record using the system—to apply for, amend, renew and surrender licenses in participating states.
The procedures include background checks, professional education requirements and successfully passing a national and a state-specific test. Complete information about the CSBS/AARMR Nationwide Mortgage Licensing System can be found online at: www.stateregulatoryregistry.org/NMLS. The Bureau of Consumer Credit Protection can be reached online at www.Credit.Maine.gov or by calling 1-800-332-8529 (TTY: 1-888-577-6690).
