PROVIDENCE – Effective Jan. 2, the R.I. Department of Business Regulation’s Division of Banking and Securities Regulation will be participating in the Nationwide Mortgage Licensing System, a move made to allow state residential mortgage regulators to accept and process uniform national applications.
The move will also allow registrants and licensees to electronically manage their records in the national system, when applying for, renewing or surrendering their license or registration, DBR Director A. Michael Marques said in a statement.
“The division is proud to be [making Rhode Island] one of the first states to begin using the NMLS for originator registration and licensing,” Marques said.
“I believe it is essential that consumers be protected at point of first contact. … The division’s participation in the NMLS will assist in weeding out the bad players who are unethical, untrained and do not act in the best interest of borrowers.”
For residential mortgage brokers in Rhode Island, registration will be required, starting in March, under a state law approved this fall (READ MORE).
All mortgage loan originators must create a Mortgage Loan Originator Account Request Form on the new system and submit it to the state Banking Division no later than March 31.
Additional information about the Nationwide Mortgage Licensing System, including the Mortgage Loan Originator Account Request Form, is available from the R.I. Department of Business Regulation’s Division of Banking and Securities Regulation at www.dbr.ri.gov.
