NMLS Q2 Reports Released
The NMLS Mortgage Industry Report has been released for the second quarter of 2017. Updates to the Money Services Businesses Fact Sheet and Debt Collection Fact Sheet have also been posted. For all reports, including updated Mortgage Call Report data, see NMLS Reports
System Maintenance September 15-16
As a part of the September 2017 NMLS Release, NMLS will undergo system maintenance starting Friday, September 15 to Saturday, September 16, causing the following outages:
System Maintenance Impacting BCAS September 2-4, 2017
As a part of system maintenance, the Background Check Automation System (BCAS) will be unavailable during the time period of 6:00 a.m. ET. Saturday, September 2nd through 6:00 p.m. ET, Monday, September 4th.
NMLS Ombudsman Meeting Summary
The summary for the August 2017 NMLS Ombudsman meeting has been posted. The meeting was held on Tuesday, August 1, 2017 at the Hyatt Regency San Antonio in San Antonio, Texas. For more details see Summary | NMLS Ombudsman
Ohio to Add Consumer Installment Loan Act License to NMLS January 1, 2018
On January 1, 2018, the Ohio Department of Commerce - Division of Financial Institutions will begin accepting new application filings via the NMLS for licenses to operate under the newly enacted Ohio Consumer Installment Loan Act ("CILA"). The State Licensing Requirements Checklists for CILA licenses will also become available on January 1, 2018.
The Division recommends that all companies currently registered under the Ohio Mortgage Loan Act ("OMLA") consider renewing existing registrations before January 1, 2018, regardless of whether the company plans to transition business operations to a CILA license at some point in the future. The provisions of Ohio Revised Code § 119.06 permit a licensed business or individual to operate after filing a complete and timely renewal application, even if the Division has not yet processed the renewal. The same is not true of a new application under a new license type. Companies should plan accordingly to maintain continued lawful operation under Ohio's Consumer Lending Statutes.
Note that the end-of-year renewal period generates a very large volume of new and renewal applications for the Division's review, processing, and issuance. The increased volume leads to longer processing times for applications and longer response times for questions.
IA to Require Transition to NMLS for Consumer Finance, Debt and Money Service Business Licenses
Starting October 1, 2017, companies holding the following Iowa Division of Banking (IA) licenses will be required to submit a license transition request through NMLS by December 1st, 2017. The transition to NMLS will serve as the license renewal for 2018.
- Delayed Deposit Services Business Registration
- Delayed Deposit Services Business Branch License
- Debt Management License
- Money Services License
Note: Companies holding these license types are required to submit a license transition request through NMLS by filing a Company Form (MU1) and an Individual Form (MU2) for each of their control persons by December 1st, 2017. Additionally, for each branch holding the Delayed Deposit Services Business Branch License, companies are required to complete and submit a Branch Form (MU3). Click here for more information.
Arkansas Surety Bond Revisions
Pursuant to Acts 669 and 620 of the 2017 legislative session, Arkansas surety bonds for mortgage company and money transmitter licensure have been amended. All licensed mortgage companies and money transmitters must reissue their surety bonds in compliance with the amended bonds prior to approval of their renewal request for the 2018 calendar year. See the Arkansas Renewal Checklist
to access the amended bond forms.
Minnesota to Add Non-Depository Licenses to NMLS October 1, 2017
Starting October 1st, 2017, NMLS will begin accepting new application and transition filings for the following list of licenses issued by the Minnesota Department of Commerce (MN). Both new applicants and existing licensees will be able to submit their records through NMLS.
Consumer Small Loan Lender License
*Debt Management Services Provider Company License
*Debt Settlement Services Provider Company License
Industrial Loan and Thrift Company License - Depository
Industrial Loan and Thrift Company License – Non Depository
Regulated Loan Company License
Companies holding these license types are required to submit a license transition request through NMLS by filing a Company Form (MU1) and an Individual Form (MU2) for each of their control persons by December 1st, 2017. Additionally, for each branch holding these license types, companies are required to complete and submit a Branch Form (MU3). Click here for more information. The checklists for these license types will be available soon.
*Also starting October 1, 2017, the MN will begin receiving new and converted Electronic Surety Bonds (ESB) through NMLS for this license. See the ESB Adoption Map and Table for a list of state agencies who have also adopted ESB and required ESB conversion dates.