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DISB to Participate in the Nationwide Mortgage Licensing System

Monday, January 12, 2009

DISB to Participate in the Nationwide Mortgage Licensing System

The Nationwide Mortgage Licensing System was developed to streamline the licensing process for state mortgage regulators and the mortgage industry.

(Washington, DC) — Commissioner Thomas E. Hampton of the DC Department of Insurance, Securities and Banking (DISB) today announced that DISB will begin participation in the Nationwide Mortgage Licensing System (NMLS) in September 2009. The NMLS was developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) to streamline the licensing process for state mortgage regulators and the mortgage industry.
 
“DISB plays a crucial role in regulating an important segment of the lending industry,” Commissioner Hampton said, “and our participation in the system will not only enhance consumer protection but it will streamline the licensing process for mortgage regulators and the mortgage industry.” 

The NMLS is intended to include such benefits as online nationally uniform license applications, online tracking of applications and license status, and uniform annual renewals and reports. Licensees will be able to apply online for an initial or renewal license, update data or apply for an amendment with one or more regulatory agencies simultaneously.  

DISB is taking this action to comply with the Federal Housing and Economic Recovery Act of 2008, which was signed June 30, 2008 by President George W. Bush. Title V, “The Safe and Fair Enforcement Mortgage Licensing Act of 2008” (SAFE Act) requires that states implement a system of licensing mortgage loan originators and join the NMLS. More than 20 states already participate in this new mortgage licensing system.

DISB intends to convert to the online automated processing of license applications submitted by mortgage brokers, lenders and loan originators no later than September 2009. There will be additional information provided to licensees regarding implementation of the NMLS as soon as it becomes available.

CSBS and AARMR have included information on the NMLS on the CSBS website at csbs.org (see hot links for Mortgage Licensing in the header on the home page). Information regarding the District’s implementation effort is also available from DISB by contacting DISB Licensing Supervisor Brian Rouse at (202) 442-7821, or email brian.rouse@dc.gov. Written comments or questions may be addressed to DISB by email at BankingBureau@dc.gov or by letter to the office at 810 First Street, NE, Suite 701, Washington, DC 20002. As additional information is developed, it will also be posted on the agency’s website at disb.dc.gov.