Beginning Monday, Jan. 4, companies and individuals will file through the Nationwide Mortgage Licensing System, according to the Ohio Department of Commerce’s Division of Financial Institutions.
Under the new system, companies and individuals holding mortgage licensees can apply for, amend, renew or surrender licenses in one or more states linked into the NMLS’ Web-based system, according to a news release. The filings then go to the Division of Financial Institutions for review, said Dennis Ginty, a commerce department spokesman.
Ohio and other states are required to comply with a regulatory scheme established by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, which established the NMLS.
Kimberly Zurz, the state’s commerce director, in a statement said the new system will allow regulators “to provide better supervision of the mortgage industry by linking with other states to protect consumers.”
In July 2009, Gov. Ted Strickland signed into law the Ohio SAFE Act, or House Bill 1, which state officials say expanded the consumer protections offered by the long-standing Ohio Mortgage Loan Act and also brought the state’s regulatory scheme for the mortgage industry in compliance with the requirements of the federal SAFE Act, officials said.
The Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators developed the NMLS, officials said.
For additional information about the transition or to file documents with the NMLS, visit http://mortgage. nationwidelicensingsystem.org/Pages/default.aspx.
Staff writer Tim Tresslar covers commercial and residential real estate for Dayton Daily News. His Real Estate Notebook appears every Sunday. He can be reached at (937) 225-7317 or via e-mail at ttresslar@coxohio.com.
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