States Working with NMLS on Mortgage Training
Two years ago the federal government passed the S.A.F.E. Act to oversee mortgage licensing. This was in direct response to the recent collapse of the real estate and mortgage industries that results in foreclosures and banks failing. Under the new program, mortgage loan officers are required to list their licenses on a national registry. In order to make that happen, most states are working closely with the Nationwide Mortage Licensing System , or NMLS.
NMLS has approved the licensing and training programs of most states, such as the program for Illinois mortgage Broker training . They have oversight of both the state requirements and making sure that training companies are meeting those requirements when they offer programs to officers. Most training is done by independent companies who certify to the states that individuals have completed the appropriate coursework.
Some states will continue to maintain their own registry of licenses, usually through their state banking agency. They will share that data with NMLS. In other states, NMLS will take the place of the state registry, although individual states will continue to set the requirements for licensing. In most cases, licenses are not just about education, but require officers to pass credit and background checks, obtain liability insurance, and meet other guidelines.
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