In episode three, we discuss the work that went into building NMLS and the opposition faced along the way. Staff worked to harmonize legislative and regulatory requirements across state agencies, develop uniform documents, gather feedback from the mortgage industry and work out the funding and maintenance structure of the system. The episode culminates with a look at the debate between states on whether to launch and adopt the system.
Producer's Note: In this episode, the host refers to the SAFE Act passing in July 2007. HERA and the SAFE Act passed July 30, 2008. In addition, the host mentions the states being given one year to adopt NMLS. While every state held a legislative session within one year, the SAFE Act provided two years for states to adopt NMLS.
About "The Making of NMLS" Series
The Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).
In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.
Guests
- Vickie Peck - Executive Vice President, Products & Solutions
- Buz Gorman - Executive Vice President, General Counsel
- John Ryan - Former CSBS President and CEO
- Neil Milner - Former CSBS President and CEO
- Bill Matthews - Former President and CEO of State Regulatory Registry LLC
- Steve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPB
- Gavin Gee - Former Director of the Idaho Department of Finance; Former CSBS Chair
- Joe Smith - Former North Carolina Commissioner of Banks
- Tom Gronstal - Former Superintendent of Banking in Iowa
- Darrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions
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