BIGGER! BOLDER! BETTER? The NMLS Expands to License More Consumer Financial Services – Mortgage Finance Licensees Will Need to Amend Their Account Records

By: Costas A. Avrakotos

The idea was first floated, then floundered, moved forward with few fans and fleeting fanfare, secured a firm foothold, found a favorable following, was force-fed by federal law, and now four years since its formation, it is poised to forever change the way that consumer financial services will be licensed and regulated by the states. Beginning next month, the Nationwide Mortgage Licensing System (the “NMLS” or the “System”) will go through a metamorphosis, and eventually emerge as the System through which most, if not all, state licenses for consumer financial services will be applied for, processed and renewed.

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