Thursday, January 03, 2008

Nationwide Mortgage Licensing System Launched In Idaho

The Idaho Department of Finance has joined six other state agencies in participating in the Nationwide Mortgage Licensing System (NMLS).

“I am proud that the states are at the forefront of mortgage regulatory reform and that Idaho is taking a leadership role in this initiative,” Gavin Gee, director of the Idaho Department of Finance, said.  “NMLS represents a new era in supervision of the mortgage industry that will promote more stable markets and protect consumers.”

The seven states joining the NMLS today are: Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York and Rhode Island. In addition, 42 state agencies representing mortgage regulators in 40 states so far have indicated their intent to transition onto the system.

The NMLS is part of a new regulatory framework that seeks to:

Enhance consumer protection;

Improve the efficiency and effectiveness of state supervision of the U.S. mortgage market;

Fight mortgage fraud and predatory lending that costs consumers and the mortgage industry hundreds of millions of dollars in losses each year;

Increase accountability among mortgage industry professionals; and

Unify and streamline state license processes for mortgage lenders and mortgage brokers.

Information about gaining access to and setting up a record in the NMLS can be found on the department’s website at: http://finance.idaho.gov.  The Nationwide Mortgage Licensing System may be accessed at: http://www.stateregulatoryregistry.org/NMLS.

Gee said that he was pleased with the department’s working relationship with the Idaho Association of Mortgage Brokers (IAMB) and Idaho Mortgage Lenders Association (IMLA).  Both Idaho trade associations have expressed support for Idaho’s participation in the NMLS because of Idaho’s balanced mortgage licensing requirements

mortgage fraud

1. what good is the national licensing when only brokers are made to do it. everyone has to accept the fact that the cause of all these problems is the desease called GREED and it lives in every human being to include those employed by banks, bankers, lenders since they underwrite and approve ALL loans. NAMB failed the industry and congress succumb to lobbyist pressure!

   Posted by  on  01/04  at  11:51 AM

2. Florida should follow and I do strongly believe that more education should be required in order to become a Mortgage Broker and unlicensed loan officers should be abolished.

   Posted by  on  01/04  at  05:53 PM

3. This licensing system is very good for the enhancing the customer protection.
   NMLS represents a new era in supervision of the mortgage industry that will promote more stable markets and protect consumers.”

   Posted by  on  01/06  at  10:51 PM

4. The link for Idaho finance is incorrect and does not work.Just thought that I’d let you know.

   Posted by  on  01/09  at  07:38 AM

5. I agree with Jose Lopez that This licensing system is very good for the enhancing the customer protection.
   A nice article.
   

   Posted by  on  07/13  at  11:46 PM