Why State Agencies Turn to the NMLS
The Nationwide Multistate Licensing System & Registry (NMLS) has become the go-to source for many state agencies to handle licensing for mortgage and financial industries.
The NMLS is an online registry that first started in 2008 as a means to regulate the licensing of the mortgage and other non-depository industries. It has since grown to include several more business types, with new agencies transitioning to the system every year.
With the use of the NMLS, the licensing process is kept uniform throughout the industry. The website is a large portal full of information for licensees, such as information on fees, renewals, licensing requirements, continuing education, webinars, and helpful resources.
Businesses that are regulated through the NMLS vary by state. Examples of the businesses include:
- Check Cashers
- Check Casher with Small Loan Endorsement
- Consumer Loan Company
- Currency Exchange
- Debt Management Services
- Money Transmitters
- Mortgage Bankers
- Mortgage Brokers
- Mortgage Loan Originators
- Mortgage Servicers
- Student Loan Servicing
Many of these businesses require the licensee to obtain a surety bond. A surety bond protects the state and the public with a guarantee that the licensee will perform their duties ethically and honestly. The NMLS offers Electronic Surety Bond Tracking for licensees to keep track of bond requirements.
Where Do I Get a Surety Bond?
SuretyGroup.com writes all surety bonds in all 50 States. Contact us and we’ll get you started right away. Call our Surety Bond Specialists at 844-432-6637, email email@example.com, or simply apply online. We are here to help answer all your questions and issue your surety bond quickly.
What Will a Surety Bond Cost Me?
The premium you pay is based on factors such as the bond type, bond amount, and your credit. Our rates start at $100 for bonds $10,000 and under. Our Surety Bond Specialists can give you a free quote that fits your specific situation, with no obligation to buy.
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