Governor Rell and Connecticut Department of Banking Announce
Agency Participation in The Nationwide Mortgage Licensing System
Starting July 1, 2008
June 4, 2008
Connecticut Banking Commissioner Howard F. Pitkin today announced that, on July 1, 2008 the Department of Banking will begin participation in the Nationwide Mortgage Licensing System (NMLS) that is being developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).
Commissioner Pitkin said, “The Connecticut Department of Banking is proud to be one of the first states to begin using the CSBS/AARMR Nationwide Mortgage Licensing System. Through the system, mortgage companies will be able to apply for and manage their license electronically.” Governor M. Jodi Rell added, “The System will save the Department of Banking significant resources in processing licenses and provide better supervision of the mortgage industry as Connecticut links with other states to protect consumers.”
“We welcome the Connecticut Department of Banking's participation in the Nationwide Mortgage Licensing System. Our expectation is that this development will facilitate the licensing process for mortgage lenders, brokers and originators in Connecticut and bring efficiencies to the process that can benefit both regulators and mortgage industry participants,” commented Thomas Egan, President of the Connecticut Mortgage Bankers Association. Egan added that the NMLS is a work in progress and the mortgage industry looks forward to working together with state regulators to work out any implementation issues that may arise in connection with the adoption of this new system.
The System will be used by state residential mortgage regulators to accept and process national, uniform license applications and license renewal requests. Licensees will be able to electronically manage a single record in the Nationwide Mortgage Licensing System to apply for, amend, renew, and surrender licenses for one or more state regulators. The System will manage the licenses of all mortgage companies, branches, and loan originators.
Beginning on July 1, 2008, the Connecticut Department of Banking will require all companies who wish to apply for a license or existing licensees who wish to amend their license to create a record in the system and submit it to the Connecticut Department of Banking for approval. All licensees must create a complete corporate record on the System and submit it to the Connecticut Banking Department for approval by September 30, 2008.
More information about the CSBS/AARMR Nationwide Mortgage Licensing System may be found on-line at www.stateregulatoryregistry.org/NMLS.