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| My friends in the mortgage lending industry keep talking about the NMLS. What is the NMLS? The NMLS is the Nationwide Mortgage Licensing System and Registry. The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) mandated the creation of a nationwide licensing database system for all those involved in residential mortgage originations.
For the first time, individuals and companies who originate and process loans must be part of a nationwide licensing system to conduct business. This system will allow a streamlined process for obtaining licenses, mandates minimum standards to enter the registry or obtain a license and provides enhanced communication capabilities between regulators. These new procedures are designed to increase professionalism in the industry and to provide consumer protections. |
| What is the difference between a mortgage loan originator and a mortgage broker? Effective October 1, 2010, changes to Florida’s Mortgage Lending Act, (FS 494) include changes to some familiar industry terms. The term “Mortgage Broker” will mean a “Mortgage Brokerage Business.” Individuals who wish to originate loans and do not work for a depository will be called state-licensed mortgage loan originators. Once licensed, an MLO can originate loans for a mortgage brokerage business or a lender. In Florida, account executives, loan processors, loan underwriters also need to be licensed as mortgage loan originators. For more information on licensing requirements visit: www.flofr.com. |