Wisconsin’s Participation in NMLS
Wisconsin recently made and is now in the process of implementing significant changes to its mortgage banking laws. Many of these changes were made in order to bring Wisconsin’s mortgage licensing laws into compliance with the federal “Secure and Fair Enforcement for Mortgage Lending Act of 2008” (SAFE Act).
The SAFE Act has the impact of requiring all states to pass mortgage licensing laws and regulations that meet or exceed specific national standards.
The Wisconsin Department of Financial Institutions’ Division of Banking – Mortgage Banking Section is now in the process of implementing the new laws and regulations. As part of this process, the Department began accepting new applications and transition requests through the National Mortgage Licensing System (NMLS) as of January 4, 2010.
The Department of Financial Institutions has put together information on the statutes, rule and procedural changes that will affect Mortgage Bankers, Mortgage Brokers and Mortgage Loan Originators doing business in Wisconsin. Because of the significant changes taking place, it is critical that each licensee review the undated statutes and rules closely. For details, please visit the State of Wisconsin’s Mortgage Banking web page at: http://www.wdfi.org/fi/mortbank/.
Additional information on the National Mortgage Licensing System is available on their website at: http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx.