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Over 500k Registered MLOs Under Expanded NMLS Criteria
The fifth annual report of the StaternRegulatory Registry (SRR) shows substantial growth in its NationalrnMortgage Licensing System (NMLS) as that system was expanded to allowrnstate agencies to use it to manage a wide range of non-depositoryrnfinancial services licenses. At the end of the 2012 SRR reports that 13 state agencies were using NMLS to license a total of 37rnnon-mortgage license types including money services, debt collection,rnand consumer finance.</p
At the end of the year NMLS containedrnactive state licenses or federal registrations on approximatelyrn30,000 unique companies and 520,000 individual state licensed orrnfederally registered mortgage loan originators (MLOs). As the systemrnof record for state regulatory agencies NMLS is able to track thernnumber of unique companies and individuals as well as the number ofrnlicenses they hold in each state. At the end of the year there werern18,414 companies holding a total of 36,148 state licenses and 21,211rnentities holding a total of 35,581 branch office licenses. Therernwere 120,142 state licensed individuals holding a total of 258,948rnlicenses.</p
The 2013 renewal season was the firstrnin which all 11,052 federally regulated institutions and 399,286rnregistered MLOs renewed through NMLS. OCC regulated institutions</bnumbered 1,836 but it had by far the largest number of individualrnMLOs registered, 232,142. FDIC regulated entities numbered 4,258rnalong with 74,868 individuals. There were 4,099 institutions andrn47,932 individuals registered through NCUA. The Federal Reservernregistered only 798 institutions but 42,830 individuals. Sincernfederal regulations do not require a separate registration in eachrnstate, NMLS does not have any insight into where these entities arernengaging in mortgage loan origination. </p
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All 50 states, the District ofrnColumbia, Puerto Rico and the U.S. Virgin Islands engaged NMLS tornlicense their mortgage companies, branches, and MLOs in 2012. Companies within the state-supervised mortgage industry engage in arnwide variety of business activity; 87 percent reported they engage inrnfirst mortgage loan brokering and 49 percent in second mortgagernbrokering. Twenty percent are engaged in first mortgage lending. </p
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Statistics appearrnto show some consolidation in the industry. The number of companiesrnholding licenses decreased by 3 percent during 2012 while the numberrnof licenses increased by three percent. MLO licenses increased 21rnpercent while the number of individuals holding them increased byrneight percent. </p
Other 2012rnachievements and milestones noted by SRR were:</p<ul<li
Expansion ofrnthe NMLS Policy Committee to reflect the new industries beingrnregistered through NMLS.</p</li<li
The additionrnof major functionality to NMLS including improvements to NMLSrnConsumer Access,andrnenhancements related to credit report processing, the mortgage callrnreport, and the renewals process. </p</li<li
Thernnew National SAFE MLO Test with uniform state content was completedrnand presented to the state for adoption.</p</li<li
Thernfifth NMLS Annual Conference was attended by 575 persons includingrnregulators from 58 state agencies.</p</li
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About the Author
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Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.
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