Nov 30, 2019

Wordology, NMLS

So many commercials end with some fast talking announcer and one of the things the announcer says is NMLS Number 12345, or whatever the number is. NMLS stands for the Nationwide Mortgage Licensing System and Registry. NMLS is a web based platform for regulatory agencies to administer initial license applications and ongoing compliance requirements.

NMLS itself does not grant or deny license authority. It is the system of record for all federal registrations required of federally regulated mortgage loan originators. License cost for an individual is usually less than $100. Individuals usually need 20 hours training and take a test to pass the National Mortgage Licensing System pre-licensing exam. It includes 100 computer-generated, multiple-choice questions that must be answered within three hours. Ten of the 100 questions are "test" questions that do not affect the grade. Passing score is 75%. The test can be taken online.

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