Washington, D.C. – The Nationwide Multistate Licensing System (NMLS) has a new login process that requires users to update their username and password and establish account recovery details. State regulators encourage licensees to complete this process before Nov. 1 to save time during NMLS annual renewals. “We’ve made some improvements this year to the login process based on user feedback,”
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
Washington, D.C.— In a coordinated enforcement action by 48 state financial regulators, Block, Inc. will pay an $80 million fine and undertake corrective action for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use. More than 50 million consumers use Cash App, Block’s mobile payment service, to spend, send
CSBS Vice President Mortgage Testing & Education Programs Rich Madison Completing continuing education (CE) each year is an important step state-licensed mortgage loan originators (MLOs) must take before they can renew their license to conduct mortgage business for the coming year. However, a CSBS investigation in October revealed 14 MLOs associated with one mortgage company did not provide adequate identification
Washington, D.C. – Forty-four state financial agencies, led by the California Department of Financial Protection and Innovation (DFPI), have reached settlements with more than 400 mortgage loan originators nationwide who deceptively claimed to have completed annual continuing education as required under state and federal law. Danny Yen, owner of Carlsbad, Calif.-based course provider Real Estate Educational Services, is facing administrative
A CURRENT REVIEW OF APPRAISER SHORTAGES IN RURAL COMMUNITIES & APPRAISAL STANDARDS State and federal bank regulatory agencies continue to evaluate the perceived shortage of state certified and licensed appraisers in certain areas across the country. Various industry stakeholders consistently note that appraiser shortages impact the timeliness of appraisals – extending rate locks, impeding credit availability and delaying closings for
What is NMLS NMLS is an online platform used to manage: State license application and annual renewal for companies and individuals in the mortgage, debt, consumer finance, and money services business industries. Registration and annual renewal for federally regulated banks and credit unions that originate home mortgages, and the mortgage loan originators (MLOs) who work for these institutions. Today, approximately
Washington, D.C.— Fifty-three state financial regulatory agencies have taken coordinated action against mortgage company Bayview Asset Management LLC and three of its affiliates, Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings (collectively the Bayview Companies), for deficient cybersecurity practices and for not fully cooperating with state regulators following a data breach that impacted 5.8 million customers. The $20 million
Washington, D.C. – Today, Conference of State Bank Supervisors (CSBS) Board Chair Charlie Clark, Director of the Washington State Department of Financial Institutions, and Chair-elect Tony Salazar, Commissioner of Maryland’s Office of Financial Regulation, met with leadership from several national consumer advocacy organizations to discuss 2025 CSBS priorities, consumer protection, and financial access issues. CSBS Board members from numerous other
Washington, D.C. — The Conference of State Bank Supervisors today issued guidance on the treatment of virtual currency when calculating a licensee’s tangible net worth under the Money Transmission Modernization Act (MTMA). The guidance is advisory in nature and designed to encourage transparency and consistency in implementation of the MTMA. The guidance specifically clarifies the treatment of virtual currency under