Illinois Adopts Nationwide Licensing System for 2010
The Illinois Department of Financial and Professional Regulation (IDFPR) said this week it will adopt the Nationwide Licensing System (NMLS) for license applications and renewals beginning Jan. 4, 2010. Loan originators in Illinois will also begin transitioning onto the NMLS for their new individual licensing credentials required in 2010. The database licensing system is designed to ensure a mortgage loan professional’s competency and a record of disciplinary actions in another other state. NMLS was up and running in Jan. 2, 2008, as a response by to historic turmoil in the U.S. mortgage markets. Currently, 23 states are using the system to accept and process uniform license applications. No later than March 2010, the IDFPR will require all companies holding residential mortgage licenses and all individual loan originators to have a complete record in NMLS. New testing of loan originators will follow, the state regulator said. “We expect this new regulatory framework to greatly enhance our supervision of the mortgage industry. NMLS complements Illinois’ comprehensive licensing system and will help us stop bad actors who cross state lines,” said Brent Adams, secretary of financial and professional regulation. “This framework will also allow Illinois mortgage companies and their professional staff to apply for and manage their license electronically.” Write to Jon Prior.