Almost three years – 34 months – after launching, Hawaii joined the rest of the country by participating in the Nationwide Mortgage Licensing System and Registry this week.
Launched in 2008, the NMLS includes 58 state agencies and tracks nearly 16,000 mortgage companies holding over 126,000 mortgage loan originators holding over 207,000 licenses.
“NMLS was built to be the foundation of a coordinated and transparent system of mortgage supervision implemented by state regulators,” said Neil Milner, CSBS President and CEO. “Having all 50 states on the System provides greater transparency within the mortgage industry and makes information available to consumers as they obtain mortgages from state-licensed entities.”
“This milestone is a testament to the hard work and commitment of state mortgage regulators,” said Gavin Gee, Director of the Idaho Department of Finance and Chairman of the State Regulatory Registry LLC (SRR). A limited liability company established by CSBS and the American Association of Residential Mortgage Regulators, SRR operates NMLS on behalf of state regulators. “State regulators have demonstrated their ability to coordinate on an unprecedented level to enhance supervision of the residential mortgage industry and protect consumers,” Gee continued.