Nationwide Mortgage Licensing System
Starting January 2, 2008 the Idaho Department of Finance will join with several
other states across the country in participating in the Nationwide Mortgage Licensing
System. Important information about the system and licensees’ responsibilities under
the system is outlined below.
Overview of the System
The Nationwide Mortgage Licensing System (NMLS) is a web-based system that will
allow state licensed mortgage lenders and mortgage brokers to apply for, amend,
update or renew a license online in Idaho as well as in other participating states.
The goal of the NMLS is to streamline and improve the licensing process for both
regulators and the mortgage industry by using a national online system and a single
set of uniform forms.
Each licensed company will have a single record in the NMLS, regardless of
the number of licenses they hold or the number of states they operate in. Each licensed
company will have access to their record in the system through a secure website,
allowing them to conveniently view their license information, make changes, apply
for, renew or surrender licenses throughout the year.
All companies who currently hold a license with Idaho will need to complete a two-part
process to get set-up on the NMLS.
Part 1: Requesting an Account
In order to gain access to the NMLS, each company currently licensed in Idaho must
submit a form requesting an account on the System. The Company Account Request Form
can be accessed online at the link below and takes only a few minutes to complete.
This form only needs to be filled out once for each company, regardless of the number
of states the company is licensed in.
Individuals licensed as loan officers and branches of licensed companies DO
NOT need to submit a Company Account Request Form. Information
about how individual loan officers and control persons can access the system will
be communicated at a later date. Likewise, information about how a company’s branches
will be incorporated in the system will be communicated to the company.
If you have questions as to whether or not you need to complete a Company Account
Request Form, you should consult corporate counsel.
Company Account Request Form - Instructions
In completing the Company Account Request Form you will be asked to do the
following:
Input basic corporate information about your company. This includes
the exact legal name, the state and date of incorporation, the IRS Employer Identification
Number, and the main corporate address of your company.
The source you should use to obtain this information is your company’s Articles
of Incorporation, Articles/Certificate of Organization, Partnership Agreement, or
other legal document. It is important that each company is set-up by their legal
name and not by any trade name or “doing business as” name they may use. Using the
legal name will ensure that only a single record is established for each distinct
company in the System.
Sole Proprietors should use their full legal name as the company name.
The main address of your company should be the primary headquarters of the company,
even if the headquarters does not reside in Idaho, and even if this location does
not conduct loan originations, retain records, etc.
If you have questions about where to obtain this information for your company or
the correct information to use, you should consult your company’s legal counsel
before attempting to complete a Company Account Request Form.
Identify a Company Contact Person. The Company Contact Person
is a person within your company that is authorized to communicate with state
regulators. This person may be contacted by a state regulator or the NMLS with any
questions about the Company Account Request Form you submit.
If you are unsure who in your company has the authority to communicate with state
regulators on this matter, you should consult your company’s legal counsel.
Identify a Primary Account Administrator. The Primary Account
Administrator for your company is a person of your company’s choosing that
will have full access to your company’s record on the NMLS and will be able to fill
out and submit a complete company record to any state mortgage regulator. The Primary
Account Administrator will also be able to set-up other system users within
your company and grant them varying degrees of authority. The Primary Account Administrator
may be, but is not required to be, an officer within your company. The Primary Account
Administrator can be the same as the Company Contact Person
Identify a Secondary Account Administrator. The Secondary
Account Administrator will have all the authorities of the Primary Account Administrator.
The Secondary Account Administrator is a back-up in case the Primary Account
Administrator is no longer employed by your company. Identifying a Secondary
Account Administrator is optional, but strongly encouraged.
Attestation. The person completing the Company Account Request Form
must be someone from your company with the legal authority to act on behalf of your
company. At the end of the form they will be asked to attest that the information
submitted is correct and that they have the authority to submit this form for their
company. If you are unsure who should fill out the Company Account Request Form
for your company, consult your company's leadership and/or your company’s legal
counsel.
Preview the Form
We strongly encourage previewing the information that will be requested in the Company
Account Request Form and collecting the necessary information before actually
filling out the form. To preview the questions, select one of the following which
best describes your company type:
Fill out the Form
When you are ready to complete the Company Account Request Form click
here
Part 2: Completing the Company Set-up Process
Sometime after January 2, 2008, the Primary Account Administrator and the
Secondary Account Administrator, as identified by each company in their Company
Account Request Form, will receive a User ID and Password by email that
will give them access to their company’s account in the NMLS. The NMLS will not
be available prior to January 2, 2008.
Each company’s record in the NMLS will initially only contain the basic information
provided in the Company Account Request Form. Once the Primary Account Administrator
has received their User ID and Password, they will be required to complete the
set-up process by doing the following:
- Access their company’s account in the NMLS
- Fill out all remaining required information for their company
- Attest to the information on their completed company form and submit it electronically,
within the System, for approval by the Idaho Department of Finance.
The completed company form must be submitted by October 1, 2008.
Additional Information and Links
Company information that will be required to complete the full record for your company
in the NMLS is based on the uniform mortgage licensing applications developed by
state regulators. More information about these forms can be found here:
MU Forms
More information about the Nationwide Mortgage Licensing System can be found here:
NMLS
The Idaho Department of Finance will offer additional training and resources in
the coming months to its licensees on using the NMLS. Consult this website in the
future for further updates.
Should you have any questions or comments, please contact K.C. Schaler at 208-332-8064
or kc.schaler@finance.idaho.gov.
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