The 2015 annual report of the State Regulatory Registry and the Nationwide Multistate Licensing System and Registry has been posted on the NMLS website. The report provides an overview of SSR activities to operate, enhance and expand the NMLS.
Highlights of the report include:
• The National Test with Uniform State Content was adopted by an additional four agencies during 2015, bringing the total number of adopting agencies to 50. Mortgage loan originators seeking licensure in those jurisdictions are no longer required to take a second, state-specific test.
• As of year-end 2015, thirty-nine state agencies were managing 179 license types in the money services business, debt and consumer finance industries.
• Approximately 80,000 MLO test components were administered in 2015. SRR also supervised 112 approved course providers who delivered more than two million hours of education through more than 1,600 NMLS-approved courses.
• NMLS instituted numerous usability and security enhancements to its system through scheduled releases throughout 2015.
• SRR entered into a memorandum of understanding with the Financial Crimes Enforcement Network on June 1, 2015, governing the sharing of information in NMLS with the FinCEN.
“Since the launch of NMLS in 2008, SRR has continually worked to enhance functionality and create an easier, more intuitive system,” Robert J. Entringer, chairman of SRR and commissioner of the North Dakota Department of Financial Institutions, said in a news release. “In 2015, SRR focused on enhancing and expanding the use of the system, including several long-term enhancements that will increase the system’s licensing and supervision functions, enhance learning and testing functionality, and increase security.”
As of the end of 2015, the NMLS was the system of record for 61 state agencies, managing a total of 585 different license authorities covering a broad range of nondepository financial services, according to the report.
Eight state agencies added an additional 33 license types to the system during 2015, according to the report. In 2015, all states, the District of Columbia, Puerto Rico, Guam and the U.S. Virgin Islands participated in NMLS to license mortgage companies, branches and MLOs. The number of MLO licenses increased in every state except for Massachusetts, which saw a slight decrease.
Over the course of 2015, the number of actively registered MLOs increased 2.3% to 407,529 employed by 10,220 institutions, the report said.
To view the full report, visit: http://mortgage.nationwidelicensingsystem.org/about/Documents/SRR_2015AR_Web.pdf