NMLS Ombudsman Meeting Continues

bloglogoThe NMLS Ombudsman meeting continues. The next topic of conversation was the NMLS Unique Identifier as a “brand” for the mortgage industry.

Ken Markison of the Mortgage Bankers Association indicated mortgage loan originators (MLOs) are proud of their NMLS Unique Identifer, as they have had to take pre-licensure and ongoing education courses and were required to pass a test to receive the NMLS ID. Now, they are concerned expansion of NMLS to other non-depository financial services providers may taint the NMLS ID as a branding tool for mortgage providers.

State regulators, such as Sue Clarke of Vermont, understood this concern and appreciate the NMLS ID has acquired a level of respect. However, the NMLS ID has no authority and does not represent any state credentials. Instead, it is the license authority obtained from the state that bears authority and demonstrates credentialing.

This issue most will require ongoing discussion.

On to the next issue!

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