LANSING, MI – October 21, 2009 – (RealEstateRama) — The Office of Financial and Insurance Regulation today announced that, starting January 4, 2010, Michigan mortgage broker, lender, and servicer licensees and registrants will begin participation in the Nationwide Mortgage Licensing System (NMLS). The new electronic system was developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).
“This new electronic licensing system gives OFIR additional tools to enhance its supervision of the mortgage industry and protect consumers by linking with other states across the country,” OFIR Commissioner Ken Ross said.
NMLS began operations on January 2, 2008, and currently has 23 states using the system to accept and process national, uniform license applications. Licensees are able to electronically manage a single record in the Nationwide Mortgage Licensing System to apply for, amend, renew, and surrender licenses in one or more participating states. Individual Michigan loan officer registrants are currently participating in the NMLS.
Starting January 4, 2010, OFIR will require all companies and individuals holding a first or second mortgage broker, lender, or servicer license or registration; or a class I or class II consumer financial services license to complete a record in NMLS and submit it to OFIR for approval by March 31, 2010. Any new company or individual wishing to apply for a license or registration must do so through NMLS starting January 4, 2010.
OFIR recently sent a letter to each licensee and registrant with detailed instructions explaining the procedures necessary to transition each license and registration into NMLS.
Contact: Jason Moon 517-335-1700
