The Washington Department of Financial Institutions announced this week that it will expand use of the NMLS, a nationwide licensing portal, to include two additional financial services industries.
DFI’s expansion onto the NMLS will take place in two stages and will be on a voluntary basis for companies. The first stage, beginning April 16, involves Money Transmitters and Currency Exchangers. The second stage starts in July and involves Check Cashers and Payday Lenders.
“The Department is proud to expand its use of NMLS,” DFI Director Scott Jarvis said. “This expansion brings the efficiencies and improved oversight of NMLS to more of the financial services industries doing business in Washington State.”
DFI currently uses the NMLS to manage Mortgage Broker, Consumer Loan and Mortgage Loan Originator licenses. Expanding the use of the NMLS in 2012 will further support to improve DFI’s operations, provide better supervision of licensees and link the Department with other states to protect consumers.
NMLS began operations on Jan. 2, 2008 and currently 58 state agencies and six federal agencies use the system. NMLS is a secure, Web-based nationwide licensing system which allows companies to apply for and maintain their license in one or more states conveniently and safely online.
The Washington State Department of Financial Institutions will provide more detailed information directly to licensees involved in this NMLS expansion, which also will eventually provide consumers with the means to check on a wide variety of financial service providers.
More information about NMLS can be found online at: http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx.