What role does the NMLS have in the functioning of the financial sector in the U.S.?
The Nationwide Multistate Licensing System and Registry (NMLS) manages non-depository financial services, licensing, and registration,in all U.S. jurisdictions. This includes all states, the District of Columbia, and territories like Puerto Rico, the U.S. Virgin Islands, and Guam.
The Consumer Financial Protection Bureau’s Regulation G sets the services of NMLS. The guidelines fall under the purview of the SAFE Mortgage Licensing Act. Companies and individuals applying, amending, renewing, or surrendering licenses do so through NMLS. NMLS does not issue or deny licenses though state licensing government agencies use its services.
The State Regulatory Registry LLC oversees the operations of NMLS launched in January 2008. The Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators established the SRR, a limited liability corporation.
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