A. Michael Marques, Director of the Department of Business Regulation announced today that, on January 2, 2008, the Division will begin participation in the NMLS that had been developed by the CSBS and the AARMR.
Rhode Island's participation was made possible by enabling legislation that was introduced by Senator William A. Walaska, Chairman of the Senate Corporations Committee.
Director Marques said, “The Division is proud to be one of the first states to begin using the NMLS. Through the NMLS, Rhode Island Lender and Loan Broker Applicants and Licensees (“Licensees”) will be able to apply for and manage their licenses electronically. The NMLS will save the Division significant time and resources in processing licenses and will provide better supervision of the mortgage loan industry as Rhode Island links with other states to protect consumers.”
Paul Cappello, President of the Rhode Island Mortgage Bankers Association said, “We are pleased that Rhode Island is one of the leaders in this new initiative. The administrative costs and the various requirements of each state have made the licensing process very expensive. A national registry will make it easier for our members with multi-state licenses to file annual renewals, branch applications, annual reports, etc., eliminating the mundane tasks of filling out redundant applications in various formats”.
The NMLS will be used by state residential mortgage regulators to accept and process national, uniform applications and license renewal requests for Licensees. Licensees will be able to electronically manage a single record in the NMLS to apply for, amend, renew, and surrender licenses for one or more state regulators. The NMLS will manage the licenses of all Licensees, branches, and loan originators licensed under the Division.
All Licensees must create a Company Account Request Form on the NMLS and submit it to the Division for approval by November 15, 2007. Beginning in January 2, 2008, the Division will require all Licensees to create a Full Record (“Form MU1 & required Form MU2 and Form MU3”) in the NMLS and submit it to the Division for approval.
Information about gaining access to set a record in the NMLS can be found on the Rhode Island Department of Business Regulation website at http://www.dbr.ri.gov.
Additional information about the NMLS may be found at http://www.csbs.org/AM/Template.cfm?Section=Mortgage_Licensing