News & Analysis as of

NMLS

Did You Know? NMLS Release 2017.2

by Ballard Spahr LLP on

NMLS Release 2017.2 will include the following updates, including, but not limited to, the following: - Addition of the “Returned to Surety by Regulator” functionality - Updates to the MSB Call Report -...more

New York DFS announces expanded use of NMLS

by Ballard Spahr LLP on

The New York Department of Financial Services (DFS) announced last week that it is migrating the administration of its non-mortgage related licenses to the Nationwide Multistate Licensing System (NMLS), joining more than 60...more

Vision 2020: an alternative to an OCC fintech charter?

by Ballard Spahr LLP on

On May 10, the Conference of State Bank Supervisors (CSBS) announced a series of initiatives (branded as Vision 2020) designed to modernize state regulation of non-banks. The announcement specifically calls out financial...more

Announcement of new reporting tool for money service businesses by state regulators highlights fintech companies

by Ballard Spahr LLP on

The Conference of State Bank Supervisors issued a press release this week in which it announced the April 1 release of a new tool within the Nationwide Multistate Licensing System (NMLS) to streamline reporting by money...more

Additional State Agencies Jump on the ESB Bandwagon

NMLS recently announced that twelve additional state agencies (with 44 license types) would jump on the Electronic Surety Bond (ESB) bandwagon as of January 23, 2017. These additions bring the total number of agencies using...more

Is Your Data Ready to Move to a Uniform Report Submission? NMLS MSB Call Report Adopted for 22 Licenses as of January 1st

Seventeen state agencies, affecting 22 license types, have currently committed to adopt the NMLS MSB Call report for Q1 2017 reporting. The NMLS MSB Call Report applies to licensees who conduct the following activities: money...more

Don’t Get Caught By Surprise: NMLS Adds New Requirements in Connection with Renewal

If a company is keeping its Nationwide Multistate Licensing System (NMLS) record current, the renewal season should be a relatively painless exercise in fee collection. However, in addition to the normal renewal housekeeping...more

CFPB Solicits Information On Registration System For Nonbanks

by Ballard Spahr LLP on

In a Request for Information (RFI) posted on the Federal Business Opportunity website last month, the Consumer Financial Protection Bureau (CFPB) solicited information from vendors so it can "better understand current,...more

Florida to Streamline Testing Requirements for Mortgage Loan Originator Licensure

by BakerHostetler on

On August 16, Florida announced via the National Mortgage Licensing System (NMLS) Resource Center that it was adopting the Uniform State Test (UST) for mortgage loan originators. With this announcement, the Florida Office of...more

NMLS Release 2016.1.2 Targeted for May 2, 2016

by Ballard Spahr LLP on

NMLS Release 2016.1.2 Targeted for May 2, 2016 - NMLS Release 2016.1.2 is targeted for delivery on May 2, 2016. The release contains general enhancements and system maintenance updates. For example, the MU2 section of...more

NMLS MCR Enhancements

by Ballard Spahr LLP on

NMLS MCR Enhancements - Changes have been made to the NMLS Mortgage Call Report (MCR) which have been reflected as of April 1, 2016. The changes will affect the Residential Mortgage Loan Activity (RMLA) and the...more

Transitional Authority Bill Passes House Committee Unanimously

by BakerHostetler on

The House Financial Services Committee unanimously approved a bill that would enable registered mortgage loan originators to move from a depository mortgage lender to a state-licensed mortgage lender almost immediately. This...more

HNMLS Issues 8th SRR Annual Report

by Ballard Spahr LLP on

The NMLS issued the 2015 State Regulatory Registry (SRR) Annual Report on February 17, 2016. The Report provides 2015 highlights, including how the National Test with Uniform State Content (UST) was adopted by four additional...more

NMLS Release 2016.1

by Ballard Spahr LLP on

NMLS Release 2016.1 is targeted for January 25, 2016. The release includes functionality for surety companies and surety bond producers to request an account within NMLS and establish business associations, enhancements to...more

NMLS Renewal Period Starts Now

by Ballard Spahr LLP on

The annual NMLS renewal period for 2016 started on November 1, 2015, and ends on December 31, 2015. State regulators are encouraging licensees to renew their licenses early. Renewal applications are available online. In...more

The Conference of State Bank Supervisors Adopts Model Regulatory Framework for Virtual-Currency Businesses

by Morgan Lewis on

Addressing regulatory concerns pertaining to consumer protection, market stability, and law enforcement, the Framework expands on the CSBS draft framework released in December 2014. The Conference of State Bank...more

Connecticut Adds New Licenses to NMLS

by Ballard Spahr LLP on

The Nationwide Mortgage Licensing System (NMLS) is now accepting new applications and transition filings for new industry licenses for the Connecticut Department of Banking (Department). The Department is requiring companies...more

Texas Adds Exemptions to Texas SAFE Act Licensing Requirements

by Ballard Spahr LLP on

Texas has amended its provisions relating to exemptions from the applicability of the Texas SAFE Act for certain nonprofit organizations and their residential mortgage loan originators (MLOs). Under the amendment, a nonprofit...more

New Rhode Island Banking Regulations to Promote Uniformity

by Partridge Snow & Hahn LLP on

Rhode Island has repealed certain banking regulations and replaced them with new regulations in order to promote uniformity. Banking Regulations 98-14 “Licensees”, 98-14.1 “Lenders and Loan Brokers”, and 98-14.4 “Check...more

The District of Columbia Adopts the NMLS Uniform Authorized Agent Reporting (UAAR)

by Ballard Spahr LLP on

The District of Columbia Department of Insurance, Securities and Banking has begun using the Uniform Authorized Agent Reporting (UAAR) process of the Nationwide Mortgage Licensing System & Registry (NMLS) to satisfy agent...more

NMLS Releases MLO and Lender Numbers

by Ballard Spahr LLP on

The NMLS recently released its NMLS Mortgage Industry Report 2014 Q3 Update. According to the report, there were 343,800 state-licensed mortgage loan originators (MLOs) during the 2014 third quarter, a 10 percent increase...more

Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the...

by Pepper Hamilton LLP on

oin Pepper Hamilton LLP, the Conference of State Bank Supervisors (CSBS) and RECOVCO Mortgage for an engaging discussion about important recent trends involving state supervision as states shift an ever greater amount of...more

Evolving State Supervision: Issues Arising From State Qualification Standards and "SAFE" Act Licensing, and Coordination with the...

by Pepper Hamilton LLP on

In This Presentation: - Events That Changed Our World; And Yours Too! - Current Issues in Licensing - State Coordination With CFPB - The Path to Coordination - Responsibilities of the...more

NMLS Announces ‘Your License is Your Business’ Renewal Campaign

by Ballard Spahr LLP on

The NMLS is launching its “Your License is Your Business” renewal campaign to encourage non-depository entities and mortgage loan originators (MLOs) licensed through the NMLS to submit their annual renewal requests early....more

California Amends Education Requirements for Mortgage Loan Originators

by Ballard Spahr LLP on

California recently amended its pre-licensing and continuing education requirements for mortgage loan originators (MLOs) licensed under the California Finance Lenders Law and the California Residential Lending Act. The...more

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