The Missouri Division of Finance has announced that it will begin accepting new application and transition requests through NMLS starting June 2, 2014 for mortgage company and branch licenses. This announcement follows shortly behind the Guam Department of Revenue and Taxation, which began accepting new application and transition requests for mortgage company and branch licenses April 28, 2014.
NMLS began operations in January 2008 when the original seven states of Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York and Rhode Island began transitioning mortgage applications onto the system. Although 42 state agencies had originally committed to using the system, the adoption of the S.A.F.E. Mortgage Licensing Act, which names NMLS as the system of record for registration of depositories, subsidiaries of depositories, and MLOs nationwide, led to increased expansion and adoption of system use for individual mortgage licensing nationwide. With the addition of Missouri, mortgage companies will now be able to use NMLS to apply for and manage mortgage company license types for participating state agencies in all 50 states, the District of Columbia, and U.S. Territories of Guam, Puerto Rico, and the U.S. Virgin Islands.
The “one-record” concept of NMLS makes it easier for companies to maintain license compliance across many jurisdictions. NMLS is also increasingly being adopted as the system for licensing and registration for other non-depository consumer finance license types including, but not limited to, installment sales (sales finance), deferred deposit companies (payday lenders), small loan consumer finance companies, money transmitters, and debt collection. For more information about the NMLS and the types of licenses it houses for participating agencies visit the NMLS Resource Center.