Ethics Panel Seeks Fuller Disclosure of Senators' Mortgage Deals

Ethics Panel Seeks Fuller Disclosure of Senators’ Mortgage Deals
http://www.cqpolitics.com/wmspage.cfm?parm1=5&docID=cqmidday-000002904320

Nationwide Mortgage Licensing System Expands to 14 States

The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) announce that six more states -- Connecticut, Louisiana. Mississippi, North Carolina, New Hampshire and Vermont -- will begin using the Nationwide Mortgage Licensing System (NMLS) beginning July 1st.The eight states currently using NMLS are Idaho, Iowa, Kentucky, Massachusetts, Nebraska, New York, Rhode Island and Washington.
To date, 42 state agencies representing 40 states have committed to participate.
NMLS is a web-based system that allows state-licensed mortgage lenders, mortgage brokers, and loan officers to apply for, amend, update or renew a license online for all participating state agencies using a single set of uniform applications.A total of 19, or more than one-third of the states are scheduled to be using NMLS by the end of the year.
"This unprecedented adoption rate is the result of hard work begun several years ago by state regulators as we envisioned a new regulatory framework that would begin to address some of the gaps we experienced in state and federal oversight of the mortgage industry," said Gavin Gee, Idaho's Director of Finance and chairman of State Regulatory Registry LLC, the CSBS subsidiary which developed and operates NMLS.
NMLS was immediately successful at launch and is proving to be an invaluable supervisory tool, said Neil Milner, president and CEO of CSBS.