Illinois Moves to Nationwide Mortgage Licensing System
CHICAGO, IL - December 30, 2009 - (RealEstateRama) — The Illinois Department of Financial and Professional Regulation (IDFPR) announced today that starting January 4, 2010 mortgage brokers and mortgage bankers will use the Nationwide Mortgage Licensing System (NMLS) for license applications and renewals. Loan originators will also begin transitioning onto the NMLS for their new individual licensing credentials required in 2010. The national data base ensures that any mortgage loan professionals moving to Illinois will be able to demonstrate competency and a record clear of disciplinary actions in any other state in the nation.
“We expect this new regulatory framework to greatly enhance our supervision of the mortgage industry. NMLS complements Illinois’ comprehensive licensing system and will help us stop bad actors who cross state lines,” said Brent Adams, Secretary of Financial and Professional Regulation. “This framework will also allow Illinois mortgage companies and their professional staff to apply for and manage their license electronically.”
NMLS began operations on January 2, 2008. Twenty-three states are 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.
No later than March, 2010 IDFPR will require all companies holding residential mortgage licenses and all individual loan originators to have a complete record in NMLS. Further transition steps, including new testing of loan originators, will follow.
IDFPR has posted detailed instructions at www.idfpr.com for transitioning companies, branches and individuals onto NMLS.
Complete information about the Nationwide Mortgage Licensing System can be found online at: www.stateregulatoryregistry.org/NMLS
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That is a very appreciative move. The troubles with mortgages are really a pain.