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Maryland Reinforces Cooperative Efforts to Better Regulate the Mortgage Industry

 

BALTIMORE (10-30-08) – Department of Labor, Licensing and Regulation Secretary Thomas E. Perez today announced Maryland will begin transitioning into a Nationwide Mortgage Licensing System (NMLS) under the guidance of Financial Regulation Commissioner Sarah Bloom Raskin.

All states are required to join this national system as a result of the Secure and Fair Enforcement for Mortgage Licensing Act (“SAFE”) signed by President Bush on July 30, 2008. The NMLS provides a unique identifying number and record for each mortgage originator and lender.

The NMLS has been designed to streamline the licensing process, improve supervision and increase transparency in the mortgage industry. NMLS contains a single record for each mortgage lender, broker, and loan originator. The NMLS will permit participants to electronically apply for, amend and renew licenses in any participating jurisdiction.

“There needed to be a more robust regulatory system in place that seamlessly and transparently monitors the mortgage industry on the state level,” said Commissioner Raskin. “This new system will offer consistency in standards for all states and increase accountability for lenders and originators.”

The federal mandate states that all 50 States must begin to comply by July, 2009.

Meanwhile, in the spirit of interstate regulatory cooperation, Commissioner Raskin has also signed, on behalf of Maryland, a Nationwide Cooperative Agreement and Protocol for Mortgage Supervision governing how Maryland will examine large multi-state mortgage companies. The agreement and protocol sets forth a framework that permits member states to share information and streamlines state mortgage supervision of these multi-state mortgage lenders. Unlike the NMLS, participation in the Nationwide Cooperative Agreement and Protocol is voluntary and not a federal mandate.

45 states and the District of Columbia have entered into the Nationwide Cooperative Agreement and Protocol.

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Department of Labor, Licensing and Regulation Press Release