NMLS is the legal system of record for non-depository, financial services licensing or registration for participating state agencies, including the District of Columbia and U.S. Territories. NMLS is the official system for companies and individuals seeking to apply for, amend, renew and surrender licenses managed through NMLS on behalf of the jurisdiction’s governmental agencies. NMLS itself does not grant or deny license authority.
NMLS is the sole system of licensure for mortgage companies for 53 state agencies and the sole system of licensure for mortgage loan originators under the SAFE Act.
NMLS is also the legal system of record for the registration of depositories, subsidiaries of depositories, and mortgage loan originators under the Federal banking agencies’ Registration of Mortgage Loan Originators Final Rule published July 28, 2010.
NMLS was created by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) and begun operations in January 2008. It is owned and operated by the State Regulatory Registry LLC (SRR), a wholly owned subsidiary of CSBS.
System Goals
NMLS is designed to bring greater efficiencies and coordination to the regulation of non-depository financial services providers through the automation and streamlining of state licensing and the sharing of information across jurisdictional lines.
System Governance
NMLS policies are made with the input of all NMLS participating state agencies and through a series of working groups, committees and boards that seeks to ensure thoughtful considerationis of all viewpoints.
SRR is governed by an eight member Board of Managers comprised of state banking commissioners and a representative of AARMR. The SRR Board of Managers is responsible for all system development, operations, and policy matters concerning NMLS. For more information about SRR, including annual reports and financial statements, see About SRR.
To assist it in making decisions and handling operational matters, the SRR Board of Managers created the Mortgage Licensing Policy Committee, comprised of 11 state mortgage regulators. Additionally, the SRR Board of Managers created various taskforces, working groups and boards of state regulators, as well as advisory groups of industry representatives to provide input into the decision making process. For more information and rosters of participants see the Organizational Chart.