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Information Sharing Through NMLS

 Information Sharing Through NMLS

​​​​The 2008 Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) was designed to protect consumers and reduce fraud by requiring all mortgage loan originators (MLOs) to be either licensed or registered through the Nationwide Multistate Licensing System (NMLS). The Act was also passed in order to facilitate information sharing between regulatory agencies in order to enhance consumer protection to help eliminate duplicative requests by different agencies for similar information.

Under authority contained in §1512 of the SAFE Act (12 USC §5111), Confidentiality of Information, the State Regulatory Registry LLC (SRR)1 has the ability to share information disclosed by users and licensees of NMLS. This information "may be shared with all state and federal regulatory officials with mortgage or financial services industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal and state laws."

In the State Agency Terms of Use for NMLS, participating state agencies anticipated the need for information sharing among state and federal regulatory agencies. The Terms of Use authorize SRR to share information uploaded to NMLS to state and federal regulatory officials who have regulatory oversight authority but subject to appropriate usage agreements (MOUs) entered into by SRR and the state and federal agency.

4(E) SRR is authorized by State Agency to share Applicant Data, as well as any other data of content uploaded to the System by State Agency, provided to NMLS with all state and federal regulatory officials who certify that they have mortgage or financial services industry oversight authority and are subject to, and have legal authority to comply with, Section 1512, Confidentiality of Information, of the SAFE Mortgage Licensing Act of 2008 subject to appropriate usage agreements entered into by SRR and the state or federal agency. SRR shall not share FBI criminal background checks or credit checks with federal regulatory officials.

Similarly, the Industry Terms of Use for NMLS states, "Applicant Data may be shared with relevant state agencies and/or federal agencies and financial services or securities industry self-regulatory organizations."

Information Sharing MOU Protocol

The SRR Board of Managers2 issued a protocol regarding the creation and implementation of information sharing MOUs between SRR (on behalf of CSBS and the NMLS participating state agencies) and federal agencies and organizations. The protocol contains the governing process for the approval of such MOUs by SRR, which includes: a determination that the request is consistent with the mandates of the SAFE Act; NMLS Policy Committee and SRR Lawyers Committee review; and approved by the SRR Board of Managers and the CSBS Executive Committee.
Who are we sharing with?

SRR has entered into MOUs with several federal government agencies to govern the sharing of information. These agencies are:

 1 State Regulatory Registry LLC (SRR) is a nonprofit subsidiary of the Conference of State Bank Supervisors (CSBS) that operates NMLS on behalf of state financial services regulatory agencies.
  2 SRR is governed by a seven-voting member Board of Managers comprised of state banking commissioners and/or state mortgage regulators, including a representative nominated by AARMR. The SRR Board of Managers is responsible for all system development, operations, and policy matters concerning NMLS.  


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