NMLS At-a-Glance

What is NMLS

NMLS is an online platform used to manage: 

  • State license application and annual renewal for companies and individuals in the mortgage, debt, consumer finance, and money services business industries. 
  • Registration and annual renewal for federally regulated banks and credit unions that originate home mortgages, and the mortgage loan originators (MLOs) who work for these institutions. 

Today, approximately 600,000 industry users rely on NMLS to maintain their license or registration.

 

Why NMLS Was Created

State regulators created NMLS in 2008 primarily to address fraud and predatory lending in the mortgage market. Before NMLS, state financial services regulators did not have insight into mortgage business activity happening outside of their state – there was nothing to prevent bad actors from moving state to state, harming both consumers and the industry's reputation. 

The financial crisis of 2008 led to federal adoption of NMLS as part of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”) and established: 

  • Requirements for mortgage companies and MLOs to obtain and maintain a state license(s). 
  • Registration requirements for federally regulated banks and credit unions that originate home mortgages, and the MLOs they employ. 

In 2012, state regulators expanded use of NMLS to include licensing for debt, consumer finance, and money services business industries to promote greater consumer protection in these industries. 

 

What's Next for NMLS

CSBS, which manages NMLS on behalf of state regulators, has started a multi-phase effort to modernize the system over the next several years. Key NMLS enhancements coming this year will improve how NMLS users engage with the system, including: 

  • A new user login experience. 
  • Single login per person, eliminating the need for users to have separate logins for multiple accounts. 
  • Reduced duplication of individual records. 
  • The ability to conduct user surveys within NMLS to gain feedback on a user's experience and satisfaction with the system. 
  • Updated system design and improved navigation. 

Visit the NMLS Modernization page (www.csbs.org/mod) to find out more and stay up to date with upcoming enhancements. 

 

 

What Homebuyers Should Know About NMLS

Every financial services company and individual that obtains a license or registration in NMLS receives a unique NMLS ID number. You may hear this number referenced often in mortgage-related ads or see it on documents as you go through the mortgage loan application and homebuying process.

 

The NMLS ID number lets you know the mortgage company or MLO you are working with has met the requirements to obtain and maintain their license or registration – enabling them to conduct mortgage business. 

 

With NMLS Consumer Access, a free website, you can search the mortgage professionals you are working with based on their NMLS ID number to see if they are in good standing. Visit our For Homebuyers (csbs.org/homebuyers) page to learn more. 

 

Note: State-licensed companies in the debt, consumer finance, and money services business industries also have NMLS ID numbers and can be searched through NMLS Consumer Access.

 

NMLS by the Numbers

Mortgage Loan Originators Operating at Nonbanks and Depositories

 

Year

MLO Individuals

(nonbank)

Companies

(nonbank)

MLO Individuals (depository)

Companies (depository)

2023

208,103

25,061

369,163

7,933

2022

233,224

24,702

387,294

8,166

2021

217,999 

21,594

391,057

8,372

2020

183,630

19,516

399,876

8,512

2019

165,116

18,253

415,978

8,878

2018

165,240

17,572

415,517

9,196

2017

158,200

17,000

421,700

9,500

2016

145,200

16,300

422,600

9,800

2015

135,000

16,000

407,200

10,200

2014

131,700

16,000

398,700

10,500

2013

130,300

16,100

404,200

10,800

2012

105,600

15,900

399,300

11,000

2011

100,100

15,000

NA

NA

Mortgage Loan Originators Operating at Nonbanks and Depositories Over the Year Growth (as of Dec. 31, 2023)

Month/Year

MLO Individuals

(nonbank)

Over the Year Growth

December 2023

 

208,103

-10.8% 

Month/Year

Companies

(nonbank)

Over the Year Growth

December 2023

 

25,061

1.5%

Month/Year

MLO Individuals

(depository)

Over the Year Growth

December 2023

 

369,163

-4.7%

Month/Year

Companies 

(depository)

Over the Year Growth

December 2023

 

7,933

-2.9%

Notes: 

  • Nonbank companies and individuals are licensed at the state level.
  • Depository institutions and individuals are registered at the federal level.
  • A small number of individuals and institutions are both state licensed and federally registered.
  • Data is based on licenses and registrations processed through NMLS.

Visit the Reports page of the NMLS Resource Center to view more NMLS quarterly and annual data.