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National Mortgage Licensing Systemby Paul Donohue The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) created the National Mortgage Licensing System in response to the increasing number and assortment of residential mortgage originators and the need to address these changes with current tools and common authority. It was started by state mortgage regulators in 2004 and was designed to improve mortgage industry supervision, increase communication across states, enhance consistency in licensing requirements, automate processes to the greatest degree possible and to improve protection of consumers seeking loans. With the mortgage industry in the middle of great change, rules and regulations regarding licensing have been changing as well. The National Mortgage Licensing System and Registry was established in 2008 and those originating mortgages are now required to get a minimum number of hours of education and be registered in the national system known as the NMLS. It is a secure, web-based system that will allow state licensees, companies, branches and loan originators, to apply for, cancel, update, or renew their licenses online. In addition, potential borrowers will have access to a single source of current information that will tell them whether the loan officer or broker with whom they are working is currently licensed, the company with whom he or she holds that license, the branch where the originator works and give 10 years of his or her employment history by going to www.NMLSConsumerAccess.org. The National Mortgage Licensing System brings greater consistency, uniformity and transparency to the industry while maintaining and strengthening the state regulators’ ability to monitor professionals in the industry and protect citizens. All state agencies that participate use the same set of uniform applications. Each licensed individual or company will have one comprehensive record in the NMLS, regardless of the number of states in which they operate or the number of licenses they hold. To ensure the safety of the public, the consumers, the National Mortgage Licensing System requires fingerprinting and a background check on every mortgage loan originator (MLO), whether state-licensed or federally registered. The Criminal Background Check request is required for the employer or applicant to submit the NMLS application. After an individual or employer has requested and paid for the CBC request through NMLS, the originator will be able to schedule a fingerprint appointment. Being a part of the NMLS is not as simple as registering. As part of the National requirements for licensing, every mortgage loan originator must complete National and State pre-licensing and continuing education requirements prior to registering with the National Mortgage Licensing System. A variety of pre-licensing and CE courses as well as test-prep courses intended to help mortgage loan originators stay in compliance with the requirements is available through Abacus Mortgage Training. Their NMLS Pre-licensing course is broken into manageable sections and the instruction covers a two-day span, either in virtual classroom over the web or in a live classroom setting. Let Abacus Mortgage Training prepare you for the National Mortgage Licensing System exam.
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