NMLS Transition
Title: NMLS Transition
Location: Madison – Concourse Hotel
Link out: Click here
Description: WMPA will be hosting informational regional meetings regarding the Nationwide Mortgage Licensing System (NMLS) and its effects on current licensee holders. These regional meetings will take place throughout Wisconsin in Madison, Appleton and Waukesha and will provide those within the mortgage profession an opportunity to participate in receiving information related to the NMLS system and the transition onto that system.
All state licensed loan originators, mortgage brokers and mortgage bankers will have to transition onto the new NMLS system in 2010 and these regional meetings will provide the best opportunity to discuss this process and ask any questions you may have as it relates to the NMLS system.
Start Time: 08:30
Date: 2010-03-08
End Time: 12:00
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.
Check your credits
If you completed your continuing education (either online or in the classroom) you can check to make sure your credits are reported on: www.pulseportal.com. Go to “Review your CE Transcripts”.
Educational Edge Programs
Test Prep Education –
Test Prep Education -
Loan Origination Self Study Guide Text Book
COST: $150 per member/$250 non-member
WMPA has developed a Self Study Loan Originator Test Review Text Course that can be purchased in order to help individuals study for the Loan Originator initial licensing exam from home. The text is approximately 160 pages in length and includes a program exam at the end. Please contact us to order.