There is more regulatory activity to report. Although there has been talk for a few years about a nationwide database of mortgage brokers, Massachusetts, Kentucky, and Nebraska are among the first states to start implementing a new system that has been agreed to by 38 states.
All current licensees (if you're licensed in any of the participating states) will need to register through their state banking department (or whatever your state equivalent is called) web site. The Nationwide Mortgage Licensing System ("NMLS") is a web-based system that will allow state licensed mortgage lenders and mortgage brokers to apply for, amend, update or renew a license online in their state as well as in other participating states. Only one registration is required for as many licenses as the mortgage lender or broker has. Additionally, the NLMS has created one set of license applications that all participating states will use.
Although the system will not be up and running until January 2, 2008, some states are requiring preliminary registration right now (i.e. Massachusetts).
Showing posts with label nationwide mortgage license. Show all posts
Showing posts with label nationwide mortgage license. Show all posts
Wednesday, September 26, 2007
Tuesday, March 13, 2007
Why You Should Have More Than One License
Have you ever turned away business because you didn’t have a license to do business in another state? How could that possibly happen?
It happens when a relative calls who lives in another state and asks whether you can originate or broker a loan for him. Or your loan officers tell you about their friends who live in another who would give you their business. Or perhaps you are on the border with another state and your advertising pulls in from your neighboring state. There are many scenarios where you are thinking that you wished you had a license to broker/lend in another state or states.
With each new state, you add thousands to millions of new prospective borrowers to whom you can advertise and market your business. You are not limited to just your home state. And let’s face it, the phones aren’t ringing off the hook in many offices. It’s not like the good old days from a year ago. You don’t want to have to turn away any business.
It happens when a relative calls who lives in another state and asks whether you can originate or broker a loan for him. Or your loan officers tell you about their friends who live in another who would give you their business. Or perhaps you are on the border with another state and your advertising pulls in from your neighboring state. There are many scenarios where you are thinking that you wished you had a license to broker/lend in another state or states.
With each new state, you add thousands to millions of new prospective borrowers to whom you can advertise and market your business. You are not limited to just your home state. And let’s face it, the phones aren’t ringing off the hook in many offices. It’s not like the good old days from a year ago. You don’t want to have to turn away any business.
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