A New Nationwide Mortgage Licensing System

The Mortgage Banker's Association announced the new Nationwide Mortgage Licensing System today; the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) are the owners of the new venture.

The intended aim?

The NMLS will bring greater uniformity and transparency to the mortgage industry while maintaining and strengthening the ability of state regulators to monitor the industry and protect their citizens. -- (Quoted from www.stateregulatoryregistry.org)

States that are currently participating in the new venture:

• Idaho
• Iowa
• Kentucky
• Massachusetts
• Nebraska
• New York, and
• Rhode Island

It is expected that at least (8) eight additional States will be added to the list this year.

From the Mortgage Banker's Association:

The total number of agencies pledging their intent to participate in NMLS has reached 42. Collectively, these 42 states manage over 54,000 company licenses, 48,000 branch licenses, and 277,000 loan officer licenses.

The goal of the new system is certainly ambitious! And with only (8) eight States in participation and an estimated (8) eight additional States to join over the course of 2008, we certainly have some ground to cover.

But I have colleagues who have been in this industry for 20+ years. They've each said that the changes we're seeing in today's industry is a change unlike one we've ever experienced. So is the National Mortgage Licensing System something that's been long overdue? Perhaps.

Well, we're on the forefront of change and it seems more and more people are embracing it. So we just might be seeing some more State cooperation as we move further and further along.

Now, in the eloquent words of my colleague Broker Bryant from Tutas Towne Realty...

 What say you?

Either way, my advice to all of you remains the same:

"As much as possible, deal only with good and honorable people. If you deal with good people, you won't need a contract, and if you are dealing with bad people, no contract can protect you." 
Adam M. Aron
Chairman and CEO of Vail Resorts, Inc.