The Conference of State Bank Supervisors on Sept. 22 released the Nationwide Multistate Licensing System’s Mortgage Industry Report for the quarter ending June 30.
According to the 2016 Q2 NMLS Mortgage Industry Report, forward loan originations reported by state-licensed companies increased by 33.5% in the second quarter of 2016 compared with the first quarter, and were up by 1.8% over the second quarter of 2015.
The report shows the number of unique state-licensed mortgage companies in the NMLS totaled 15,840 at the end of the second quarter, an increase of 2.16% from Q1, and a 1.68% increase over the year.
Federally registered institutions in NMLS totaled 9,751 at the end of the second quarter, a slight increase from the first quarter but a 3.9% decrease compared with the second quarter of 2015. Federally registered individuals within the system totaled 407,992 by the end of the second quarter, a 1.4% increase over the first quarter.
Since the second quarter of 2015 the number of active MLOs in the NMLS has increased by 1.3% nationwide, according to the report.
The full report is available at http://mortgage.nationwidelicensingsystem.org/about/Reports/2016Q2-Mortgage-Report.pdf.
NMLS announces new Florida course requirements
The Nationwide Multistate Licensing System and Registry has announced that individuals seeking licensure with the state of Florida will be required to take two hours of Florida state-specific prelicensure education as of Jan. 1, 2017. In addition, mortgage loan originators seeking to maintain their licenses will be required to complete one hour of state-specific continuing education as a condition of licensure renewal.
The new requirements are in response to Florida’s adoption of the Uniform State Test, which will take effect Jan. 1. As part of the adoption of the test, individuals seeking licensure will no longer be required to take the Florida state component of the MLO SAFE Test, but must meet the new state-specific PE and CE course requirements set forth by the Florida Office of Financial Regulation.
To learn more about the new Florida course requirements, visit http://mortgage.nationwidelicensingsystem.org/courseprovider/Course%20Provider%20Resources/FL%20Education%20Notice%20Final.pdf.
FFIEC releases data on HMDA lending
The Federal Financial Institutions Examination Council recently announced the availability of data on mortgage lending transactions at 6,913 U.S. financial institutions covered by the Home Mortgage Disclosure Act. Covered institutions include banks, savings associations, credit unions and mortgage companies. The HMDA data covers 2015 lending activity and other information. It also includes disclosure statements for each financial institution, aggregate data for each metropolitan statistical area, nationwide summary statistics regarding lending patterns, and Loan Application Registers for each financial institution.
More details about the HMDA data can be found at http://www.consumerfinance.gov/about-us/newsroom/federal-financial-institutions-examination-council-announces-availability-2015-data-mortgage-lending.
NMLS launches new capabilities to streamline licensing processes
The Nationwide Multistate Licensing System can now be used to electronically process criminal background checks for many more individuals at mortgage companies and other financial institutions. A new procedure also is available through the NMLS to electronically process surety bonds, according to a news release from the Conference of State Board Supervisors.
Both the enhancements went live in early September. According to the CSBS news release, key enhancements include:
• Processing FBI background checks required by state law through NMLS is expanded to any covered individual, such as a branch manager or officer at a mortgage firm or money transmitter company. Previously, NMLS had been authorized to process background checks for mortgage loan officers only. At launch, 26 state agencies are able to use this new feature for 116 different types of state licenses, with more states being added in 2017, according to the release.
• State regulators and the surety bond industry have developed a new process to electronically issue, process and track surety bonds. NMLS has the potential to streamline the surety bond process by reducing common errors, ensuring that bonds are from qualified and authorized entities, and speeding approvals, the release stated.
To learn more about the NMLS system enhancements, read the full release at https://www.csbs.org/news/press-releases/pr2016/Pages/091316.aspx.