This proposal, if approved, marks the first time the fees will be adjusted since NMLS was launched nationwide in 2008. The public comment period ends July 22.
06/07/2024 3:40 P.M.
2 minute read
The Conference of State Bank Supervisors (CSBS) has issued a call for public comment on a proposal to increase processing fees for the Nationwide Multistate Licensing System and Registry (NMLS), according to a recent press release.
This proposal, if approved after public comments, will result in the first fee adjustment since NMLS was launched nationwide in 2008.
“NMLS has become a vital tool for the states, consumers, and the 600,000 industry users who depend on it,” Brandon Milhorn, CSBS president and CEO, said in the news release. “This proposal reflects our commitment to sustain and enhance NMLS while keeping fees as low as possible. The new fee structure will support a responsible and stable NMLS budget, while sharing the cost of system enhancements fairly with industry.”
The proposed fee increases target several areas within both state licensure and federal registration processes:
NMLS Processing Fees for State Licensure:
- Initial Set-Up or Application Processing Fee: This fee is applied when companies or individuals first set up their accounts or submit their initial application for state licensure.
- Annual Processing Fee: This recurring fee supports the ongoing maintenance and operational costs of the NMLS.
- MLO Change of Sponsorship Fee: This fee applies when a Mortgage Loan Originator (MLO) changes their sponsoring company within the state licensure framework.
NMLS Processing Fees for Federal Registration:
- Initial Set-Up or Application Processing Fee: Similar to the state licensure fee, this is charged when setting up or submitting the initial application for federal registration.
- Annual Processing Fee: A yearly fee to cover the costs associated with maintaining the federal registration.
- MLO Change of Employment Fee: This fee is incurred when an MLO changes their employer under the federal registration system.
The State Regulatory Registry Board of Managers, which oversees the operations of NMLS, conducts an annual review of the fees. The proposed increases are part of an effort to ensure that the NMLS remains financially sustainable and capable of incorporating necessary system enhancements. According to the news release, these enhancements are crucial for maintaining the efficiency and reliability of the NMLS, which supports a wide range of industries including mortgage, debt, consumer finance, and money services businesses.
CSBS is inviting state financial regulatory agencies, industry participants, and the general public to submit their comments on the proposed fee changes. The comment period is open until Monday, July 22, at 5 p.m. ET. Comments may be submitted to [email protected].
The proposed fee increases range from $5 to $20. CSBS has provided the proposal here to review the proposed increases and FAQs (PDF) for more information on the NMLS fee review process.
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