Washington, D.C. – The State Regulatory Registry LLC (SRR) has released its 2015 annual report. The report provides an overview of SRR’s activities to operate, enhance, and expand the Nationwide Multistate Licensing System and Registry (NMLS, or the System). The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) codified NMLS into law as the national platform for mortgage supervision.
“Since the launch of NMLS in 2008, SRR has continually worked to enhance functionality and create an easier, more intuitive system,” said Robert J. Entringer, Chairman of SRR and Commissioner of the North Dakota Department of Financial Institutions. “In 2015, SRR focused on enhancing and expanding the use of the System, including several long-term enhancements that will increase the System’s licensing and supervision functions, enhance learning and testing functionality, and increase security.”
Through NMLS, SRR supports state regulators in their supervision of the non-depository financial services industries by providing technology resources and information on a nationwide basis.
· The National Test with Uniform State Content was adopted by an additional four state agencies during 2015, bringing the total number of adopting agencies to 50. Mortgage Loan Originators (MLOs) seeking licensure in those jurisdictions are no longer required to take a second, state-specific test.
· As of year-end 2015, 39 state agencies were managing 179 license types in the money services business, debt, and consumer finance industries. Also by year-end, 26 states were using the Uniform Authorized Agent Reporting functionality to manage and report all money transmitter agents.
· NMLS configured and implemented the first Learning Management System (LMS), which is used to store, deliver, and track the history of training sessions for individual users. The LMS has approximately 5,700 users; manages 280 live, recorded, and eLearning courses; and includes on-demand learning opportunities such as new user training for all NMLS audiences and other specialized content recordings.
· Approximately 80,000 MLO test components were administered in 2015. SRR also supervised 112 approved course providers who delivered over 2 million hours of education through over 1,600 NMLS-approved courses.
· The seventh NMLS Conference and Training was held in San Diego, California and had more than 540 people in attendance, including regulators from 54 state agencies. The agenda included sessions relevant to all users on NMLS, as well as special sessions relevant to mortgage, money services businesses, debt, and consumer finance industries.
· NMLS instituted numerous usability and security enhancements to the System through scheduled releases throughout the year. Additionally, planning process were initiated to begin the Modernization of NMLS (NMLS 2.0), as well as to provide an Examination Management Tool Suite.
· SRR entered into a memorandum of understanding with the Financial Crimes Enforcement Network (FinCEN) on June 1, 2015, governing the sharing of information in NMLS with FinCEN. FinCEN agreed to protect against the unauthorized access, use, or distribution of information accessed by FinCEN and to notify SRR immediately if any such unauthorized activity occurs.
The 2015 Annual Report is available here.