NMLS 2.0 Delays Launch to 2019
The Conference of State Bank Supervisors announced this week that it will delay launch of its Nationwide Multistate Licensing System 2.0 until second quarter 2019.
The action delays implementation of changes to the NMLS Mortgage Call Report. These changes had been scheduled to go into effect in September; in a letter to participants, CSBS said its State Regulatory Registry LLC determined “there were too many risks to being able to confidently deliver a high-quality product by September.”
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires all state mortgage licensees to submit a report of financial condition and loan activity to NMLS. The Mortgage Call Report functionality in NMLS allows a company to submit the required filings through the system.
There are two different types of MCR Filings in NMLS: the Expanded Mortgage Call Report and the Standard Mortgage Call Report. The E-MCR is required for a company that indicates on the Company Form that it is a Fannie Mae or Freddie Mac Approved Seller/Servicer or a Ginnie Mae Issuer. A non GSE-approved company is required to submit the S-MCR, however, the company may choose to file the E-MCR.
Earlier this year, CSBS released for public comment proposed changes to the Mortgage Call Report. However, CSBS recently said it was “assessing our ability to deliver a quality product in a September 2018 timeframe.” Additionally, CSBS noted “industry representatives expressed concern about being ready for a September launch, especially given that users would be required to learn and adapt new system processes prior to the annual renewal season.”
“As SRR staff has monitored the progress of NMLS 2.0 development, we determined there were too many risks to being able to confidently deliver a high-quality product by September,” said CSBS Senior Vice President Tim Doyle. “As a result, the SRR Board of Managers decided on a new target for the launch of NMLS 2.0, to be sometime in the second quarter of 2019. Over the next few months, SRR will continue working with stakeholders to prepare for a successful transition to NMLS 2.0. In addition, the target launch for the State Examination System will be adjusted based on the new NMLS 2.0 timeline.”
