CSBS Begins Multi-Year Effort to Enhance NMLS

System updates will improve the user experience and create greater efficiencies

Washington, D.C. - The Conference of State Bank Supervisors (CSBS) is set to release the first phase of large-scale enhancements for the Nationwide Multistate Licensing System & Registry (NMLS) on July 20. The system updates will resolve pain points for professionals across the mortgage, consumer finance, debt, and money services businesses industries who use NMLS to manage their state licensing or federal registration.

The NMLS updates will allow more than 600,000 NMLS industry users to create a username and password without having to contact the NMLS Call Center for support. In addition, more than 50,000 users who have multiple NMLS accounts will be able to access their accounts using one username and password.

"NMLS provides a valuable service to the mortgage, consumer finance and debt industry, and consumers," said CSBS Senior Executive Vickie Peck. "Working with state regulators, we are committed to improving NMLS to provide a better user experience."

The full set of NMLS updates includes:

• A new login experience, including a newly designed screen.
• One username and password to access all NMLS accounts.
• The ability to reset a username or password without contacting the NMLS Call Center.
• A new user profile page that simplifies account management by enabling users to view all NMLS accounts on one page.
• A new built-in survey that allows NMLS users to provide feedback anytime - right in the system.
• A new method that makes it easier for companies to create an NMLS account on behalf of an individual employee.

The financial crisis of 2008 led to federal adoption of NMLS as part of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ("SAFE Act") to help promote consumer protection by increasing visibility across the mortgage industry. State financial services regulatory agencies started using NMLS to manage licensing for the consumer finance, debt, and money services businesses in 2012.

The next phase of enhancements to further modernize NMLS will focus on making it easier for individuals in the mortgage industry to apply for a state license(s) in NMLS.

Visit csbs.org/mod to learn more about ongoing NMLS enhancements and sign up to receive updates when new information is posted on the web page.

Contact: Vonnetta Cornish, 202-728-5752, [email protected]

X: @CSBSNews

The Conference of State Bank Supervisors (CSBS) is the national organization of financial regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico, and U.S. Virgin Islands. State regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers in the mortgage, money services businesses, consumer finance, and debt industries.

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