Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act and Nationwide Mortgage Licensing System (NMLS)

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The NMLS is the system of record for non-depository, financial services licensing or registration in participating state agencies, including the District of Columbia and U.S. Territories of Puerto Rico, the U.S. Virgin Islands, and Guam. In these jurisdictions, NMLS is the official system for companies and individuals seeking to apply for, amend, renew and surrender license authorities managed through NMLS by state regulators.

Currently, the NMLS and the MCR are subject to proposed sweeping changes. Given the number and scope of these changes and the fact mortgage lenders have limited resources to absorb and operationalize new legal, compliance and technology or processes at any one time, it is important that CSBS work with industry to allow input on proposed changes and sufficient time to implement new requirements. It is also important that regulators and NMLS work to establish consistent standards among states, rather than create divergent requirements or requirements that differ from those of federal regulators.

Recent MBA Activity Related to SAFE Act and NMLS