Division of Banking and Financial Institutions

Banking Division Announces Participation in Nationwide Mortgage Licensing System

NEWS RELEASE

Contact: Annie M. Goodwin, Commissioner   Division of Banking and Financial Institutions
(406) 841-2920
angoodwin@mt.gov
 
FOR IMMEDIATE RELEASE -- September 28, 2009

Montana Division of Banking and Financial Institutions Announces Its Participation in the CSBS/AARMR Nationwide Mortgage Licensing System as of January 4, 2010

HELENA, MONTANA – Annie Goodwin, Commissioner of Banking and Financial Institutions, today announced that, starting January 4, 2010, the Montana Division of Banking and Financial Institutions will begin participation in the Nationwide Mortgage Licensing System that was developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).

Commissioner Goodwin said, “The Montana Division of Banking and Financial Institutions is proud to be a part of the new regulatory framework being created by states for the improved supervision of the mortgage industry.  The CSBS/AARMR Nationwide Mortgage Licensing System (NMLS) is the cornerstone of this framework that will allow Montana mortgage companies and individuals to apply for and manage their license electronically.  NMLS will allow the Montana Division of Banking and Financial Institutions (Division) to provide better supervision of the mortgage industry by linking with other states to protect consumers.”

NMLS began operations on January 2, 2008 and currently has thirty-three 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. 

The Division will require all companies holding a mortgage lender license to complete their record by March 1, 2010 and submit it to the Division for approval by April 1, 2010.The Division will require all companies holding a mortgage broker license to complete their record by May 31, 2010 and submit it to the Division for approval by June 30, 2010.

A mortgage loan originator whose license expires on April 1, 2010 must complete their record and submit to the Division by March 1, 2010.  A mortgage loan originator whose license expires on June 30, 2010 must complete their record and submit it to the Division by May 31, 2010.

Any company or individual wishing to apply for a license must do so through NMLS starting January 4, 2010.

The Division will be issuing a letter to each mortgage lender and mortgage broker licensee in September 2009 with detailed instructions for transitioning their company, branches, and individuals onto NMLS.

Complete information about the CSBS/AARMR Nationwide Mortgage Licensing System can be found online at: www.stateregulatoryregistry.org/NMLS

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