Washington, D.C. – Timothy M. Siwy, Acting Deputy Secretary of Non-Depository Institutions and Consumer Services for the Pennsylvania Department of Banking, has been named NMLS Ombudsman.
NMLS is a web-based system that allows non-depository companies, branches, and individuals in the mortgage, consumer lending, money-services businesses, and debt collection industries to apply for, amend, update, or renew a license online using a single set of uniform applications. Further, mortgage loan originators employed by insured depository institutions are also registered with NMLS. State regulators developed and launched NMLS in January 2008 for the mortgage industry. NMLS will expand later this month to include other non-depository financial services industries.
The NMLS Ombudsman provides the non-depository financial services industries and other interested parties with a neutral venue to discuss issues or concerns regarding NMLS and state licensing. The objective of the NMLS Ombudsman is to foster constructive dialogue between industry users of NMLS and state regulators to mutually work toward the goal of modern and efficient state regulation. Siwy will be serving as NMLS Ombudsman while fulfilling his duties with the Pennsylvania Department of Banking.
“Tim’s extensive background in non-depository financial supervision and law enforcement make him an exceptional choice to serve as NMLS Ombudsman,” said David J. Cotney, Commissioner of Banks at the Massachusetts Division of Banks and Chairman of the State Regulatory Registry LLC—a CSBS affiliate that operates NMLS. “The role of the NMLS Ombudsman carries tremendous responsibility and ensures an honest and open dialogue can take place between state regulators and the non-depository service providers licensed through NMLS. Non-depository service providers and other licensees will find Tim to be a receptive and neutral advocate.”
Siwy first joined the Pennsylvania Department of Banking in May 2006. Prior to joining the Department, Siwy worked for a major defense contractor, and served 20 years in the United States Army for various field offices of the U.S. Army Criminal Investigation Command. Siwy has a Bachelor of Science degree from Excelsior College and is a graduate of the FBI National Academy. He succeeds Deborah Bortner – Director of Non-Depository Institutions of the Washington Department of Financial Institutions – as NMLS Ombudsman.