In accordance with the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), each state must license mortgage loan originators in line with national standards.
In addition, all state-licensed and federally registered mortgage loan originators must be registered with the National Mortgage Licensing System (NLMS).
In this article, we explore frequently asked questions about NMLS and mortgage lending licensing, including the process, what’s required, and how to submit your application.
What is NMLS?
NMLS or the National Mortgage Licensing System and Registry is a web-based platform used by more than 60 regulatory government agencies to administer initial license applications and manage ongoing compliance requirements in participating states, the District of Columbia, Puerto Rico, U.S. Territories, and Guam.
A citizen-focused portal, NMLS is also used by companies and individuals seeking to apply for, amend, renew, and surrender licenses in these jurisdictions. This covers mortgage lenders, money transmitters, and money services, including check cashing and currency exchange businesses. Furthermore, NMLS is the system of record for all federal registrations required of federally regulated mortgage loan originators.