 "We expect this new
regulatory framework to greatly enhance our supervision of the
mortgage industry. NMLS complements Illinois' comprehensive
licensing system and will help us stop bad actors who cross state
lines," said Brent Adams, secretary of the Department of Financial
and Professional Regulation. "This framework will also allow
Illinois mortgage companies and their professional staff to apply
for and manage their license electronically."
The Nationwide Mortgage Licensing System began operations on Jan.
2, 2008. Twenty-three states are using the system to accept and
process national, uniform license applications. Licensees are able
to electronically manage a single record in the system to apply for,
amend, renew and surrender licenses in one or more participating
states.
No later than March 2010, the Illinois Department of Financial
and Professional Regulation will require all companies holding
residential mortgage licenses and all individual loan originators to
have a complete record in the nationwide system. Further transition
steps, including new testing of loan originators, will follow.
At www.idfpr.com the department has posted detailed
instructions
for
transitioning companies, branches and individuals to the Nationwide
Mortgage Licensing System.
Complete information about the system is available at
http://mortgage.nationwidelicensingsystem.org/.
[Text from
Illinois
Department of Financial and Professional Regulation
file received from
the
Illinois Office of
Communication and Information] |
