(Washington, DC)—The District of Columbia Department of Insurance, Securities and Banking (DISB) announced that starting today, DISB will begin participating in the Nationwide Mortgage Licensing System (NMLS) that was developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). DISB is a member of both CSBS and AARMR.
“DISB is pleased to become a part of the new regulatory framework created to provide improved supervision and regulation of the mortgage industry,” said Commissioner Thomas E. Hampton. “The Nationwide Mortgage Licensing System is the cornerstone of this framework that will allow mortgage lenders, brokers and loan originators to apply for and manage their license electronically. More importantly, the Nationwide Mortgage Licensing System will assist the District of Columbia in providing better supervision of the mortgage industry in order to better protect consumers.”
The NMLS, which began operations January 2, 2008, is a secured, Web-based system that will allow mortgage lenders, brokers and loan originators to apply for, amend, update or renew licenses online in the District of Columbia and in other participating states.
Starting today, August 3, 2009, DISB requires all mortgage lenders, brokers and loan originators to have a complete record in the NMLS and submit it to DISB for approval. Any company or individual wishing to apply for a first-time mortgage lender, broker and loan originator license must also do so through the NMLS.
More complete information about the Nationwide Mortgage Licensing System can be found online at stateregulatoryregistry.org.