The Nationwide Multistate Licensing System & Registry is scheduled to
Maintenance on the database is set for July 20 and 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 Conference of State Bank Supervisors wrote in its press release.
The update should streamline and modernize certain parts of the website, making it more user friendly.
System upgrades will allow more than half a million users to create or reset a username and password without having to contact the NMLS call center for support, the CSBS noted. Also, more than 50,000 users who have numerous accounts will be able to access them using one username and password. This is the first phase of plans to modernize the NMLS.
Additionally, the CSBS touts that there will be a newly designed login screen, a built-in survey for customer feedback and a new process that makes it easier for companies to create an NMLS account on behalf of an individual employee.
"NMLS provides a valuable service to the mortgage, consumer finance and debt industry, and consumers," Vickie Peck, senior executive at CSBS, said in a press release. "Working with state regulators, we are committed to improving NMLS to provide a better user experience."
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. It is expected to occur in the second half of 2025, a spokesperson said.
Apart from modernizing the look and user experience of NMLS, the CSBS, which operates NMLS on behalf of state regulators, is also
If the proposal goes into effect, the renewal of an LO NMLS registration at a new shop will go up from $30 to $35, while the cost for a mortgage shop to register on NMLS will grow from $100 to $130.
"NMLS has become a vital tool for the states, consumers, and the 600,000 industry users who depend on it," said Brandon Milhorn, CSBS CEO, in a press release in mid-May. "This proposal reflects our commitment to sustain and enhance NMLS while keeping fees as low as possible. The new fee structure will support a responsible and stable NMLS budget, while sharing the cost of system enhancements fairly with industry."
The proposed increase, if approved, will be the first time these fees have changed since NMLS launched nationwide in 2008. Stakeholders have until July 22 to submit their feedback.
In 2022, approximately 662,000 companies, individuals and depository institutions
