Legal Seminar, Chicago, IL

Streamlining MLO Licensure

Streamlining MLO Licensure Harmonizing multistate supervision

Background • States have used a change in the Federal SAFE Act (S.2155 Temporary Authority to Operate) to significantly streamline MLO licensing without lowering standards. • These changes, taking effect in November 2019, are estimated to reduce authorization times for 70% of MLO applicants from an average of 18 days to 1 day . • The NMLS Policy Committee has created a uniform implementation program that ensures strong standards are maintained.

Streamlining MLO Licensure The genesis of streamlining:

Since 2008, state regulators have continually undertaken initiatives to reduce friction in a multistate licensing environment while maintaining high standards.

Single Criminal & Credit History Check 2010 - 2011

“Approved Inactive” license approval for de novo MLOs 2012

Limited Access to MLO testing & education Information 2012

National Test with Uniform State Content 2013 - 2018

MLO Streamlining /NMLS 2019

AARMR Universal

NMLS Launch 2008

Forms ≈ 1999