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NMLS Tops Quarter Million Licenses thru Q3

by devteam November 23rd, 2011 | Share

The National Mortgage Licensing Systemrnreports that, as of the end of the third quarter of 2011, over one-quarterrnmillion mortgage licenses are held by companies and individuals under itsrnpurview.  NMLS is the legal system ofrnrecord for part or the mortgage licensing in 47 states, Puerto Rico, and thernDistrict of Columbia.  It does not grantrnor deny license authority but manages licenses for the various state agencies.</p

According to the report covering thernfirst three quarters of the year, 16,776 companies, 18,366 branch offices, andrn113,352 individuals now hold one or more licenses through NMLS.  This is a total of 148,594 unique entitiesrnholding an aggregate of 277,326 licenses. rnDuring the third quarter the system added 8,173 new entities and 18,707rnlicenses.  There are an average of 5.5rnlicensed mortgage loan officers in each company and an average of 1.1 branches.

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During the quarter licensingrnapplications were denied to 25 companies, two branches, and 1,344rnindividuals.  The vast majority of therndenials were for licenses in Florida where 23 companies and 1,091 mortgage loanrnofficers were denied approval.  Inrnaddition, 53 companies, 197 branches, and 1,194 loan officers withdrew theirrnapplications in Florida, nearly 1/3 of those who did so nationwide.</p

Licenses were revoked during the quarterrnfor 11 companies, three in Wisconsin, two each in Rhode Island, California, andrnWashington and one in Illinois and Virginia. rnSeven individuals also had licenses revoked.</p

NMLS was created in 2004 by thernConference of State Bank Supervisors and the American Association ofrnResidential Mortgage Regulators in response to the increased volume and varietyrnof residential mortgage originators and the need to address these changes withrnmodern tools and authorities.  NMLSrnstreamlines the licensing process for both regulatory agencies and the mortgagernindustry by providing a centralized and standardized system for mortgagernlicensing.

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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