News & Analysis as of

NMLS

Texas Adopts Provisions Regarding Timeframes for Pre-Licensing Education and the Definition of Physical Office

by Weiner Brodsky Kider PC on

Texas has adopted two new rules in regards to the pre-licensing education requirements for residential mortgage loan originators. The first rule authorizes the Finance Commission of Texas to set the expiration period for...more

Pennsylvania Adds Licensing Requirements for Mortgage Servicers

by Ballard Spahr LLP on

Pennsylvania is adding a requirement that a Mortgage Servicer License is required to engage in the mortgage loan business as a mortgage servicer. As such, the definition of “mortgage loan business” has been amended to include...more

Michigan Using Uniform Authorized Agent Reporting

by Ballard Spahr LLP on

The Michigan Department of Insurance and Financial Services will start using the NMLS Uniform Authorized Agent Reporting functionality to fulfill agent reporting requirements. ...more

Alaska to Add Money Transmitter License to NMLS and Adopt Electronic Surety Bonds

by Ballard Spahr LLP on

Starting on February 1, 2018, the Alaska Department of Commerce, Community & Economic Development, Division of Banking & Securities will start accepting applications for the Money Transmitter License on NMLS. ...more

Reinstatement Period Begins

by Ballard Spahr LLP on

The Reinstatement Period on NMLS started on January 1 and ends on February 28. ...more

New State Agencies Receiving ESB through NMLS

by Ballard Spahr LLP on

On January 1, 2018, certain state agencies will start receiving Electronic Surety Bonds (ESB) through NMLS for the following licenses...more

Ohio Adds Money Transmitter License to NMLS

by Ballard Spahr LLP on

On January 1, 2018, the Ohio Division of Financial Institutions will start accepting new application and transition fillings for the Money Transmitter License on NMLS....more

Michigan Publishes Annual Licensing Fees

by Ballard Spahr LLP on

The Michigan Department of Insurance and Financial Services published its annual licensing fees under the Mortgage Loan Originator Licensing Act as follows...more

Six State Agencies Using NMLS MSB Call Report

by Ballard Spahr LLP on

Starting in Q1 2018, the following state agencies will start using the NMLS MSB Call Report: ?Indiana Department of Financial Institutions, Iowa Division of Banking, New York Department of Financial Institutions, Ohio...more

Nevada Converting to Electronic Surety Bonds on NMLS

by Ballard Spahr LLP on

On December 1, 2017, the Nevada Division of Mortgage Lending will start using the new Electronic Surety Bond...more

Indiana Issues New Bond for Money Transmitter License

by Ballard Spahr LLP on

On October 14, 2017, the Indiana Department of Financial Institutions issued a new bond form for their Money Transmitter License to correct the language, making it consistent with their existing statute. This new bond form...more

Illinois Utilizes NMLS UAAR Functionality

by Ballard Spahr LLP on

The Illinois Department of Financial and Professional Regulation earlier this month started using the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill agent reporting requirements. The UAAR allows...more

Oregon to Add Licenses to NMLS and Adopts Electronic Surety Bonds

by Ballard Spahr LLP on

Starting on November 1, 2017, the Oregon Division of Financial Regulation will accept applications for the Mortgage Servicer License and the Debt Buyer License on NMLS. The checklists for these licenses will be available here...more

Illinois Revises Residential Mortgage License Act Provisions

by Ballard Spahr LLP on

The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend parts of the Residential Mortgage License Act, including, but not limited to...more

D.C. and California Issue Student Loan Servicing Regulations, Join Other States in Migrating Licenses to NMLS

by Ballard Spahr LLP on

As we reported last month, the District of Columbia Department of Insurance, Securities and Banking (DISB) started accepting applications and transition filings for the Student Loan Servicer License on the Nationwide Mortgage...more

Iowa Transitions Division of Banking Licenses to NMLS

by Ballard Spahr LLP on

On October 1, 2017, the Iowa Division of Banking will require the following licensees to submit a license transition request via NMLS...more

Minnesota Adds Non-Depositor Licenses to NMLS

by Ballard Spahr LLP on

On October 1, 2017, the Minnesota Department of Commerce will start accepting new applications and transition fillings on NMLS for the following licenses...more

Michigan Using NMLS MSB Call Report

by Ballard Spahr LLP on

Starting in Q3 2017 (July 1, 2017 to September 20, 2017), the Michigan Department of Insurance and Financial Services is requiring Money Transmitter licensees...more

Louisiana Adds Check Casher License to NMLS

by Ballard Spahr LLP on

On September 1, 2017, the Louisiana Office of Financial Institutions will start accepting new applications and transition fillings on NMLS...more

D.C. accepting student loan servicer license applications; CT adopts student loan servicing standards

by Ballard Spahr LLP on

D.C. License Applications. The District of Columbia Department of Insurance, Securities and Banking recently started to accept applications and transition fillings for a Student Loan Servicer License on the National Mortgage...more

D.C. Adds Student Loan Servicer License to NMLS

by Ballard Spahr LLP on

On August 10, 2017, the District of Columbia Department of Insurance, Securities and Banking started accepting applications and transition fillings for the Student Loan Servicer License and Student Loan Servicer Branch...more

Tennessee Adds Title Pledge Lender License to NMLS

by Ballard Spahr LLP on

On August 1, 2017, the Tennessee Department of Financial Institutions started accepting new applications and transition fillings for the Title Pledge Lender License and Title Pledge Lender Branch License on NMLS....more

Maryland Adds Consumer Finance, Debt-Related, and Money Services Business Licenses to NMLS

by Ballard Spahr LLP on

On August 1, 2017, the Maryland Commissioner of Financial Regulation started accepting new applications and transition fillings for the following licenses on NMLS...more

New York Added Money Transmitter License to NMLS

by Ballard Spahr LLP on

On July 1, 2017, NMLS started receiving new applications for the NYDFS Money Tranmistter License and transition fillings on NMLS....more

Montana Revises Licensing Provisions

by Ballard Spahr LLP on

The Montana Department of Administration has amended its regulations regarding mortgage broker and loan originator licensing, including, but not limited to, the following...more

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