What is NMLS?
The National Mortgage Licensing System and Registry or NMLS, was created to maintain a centralized mortgage industry database that can be accessed by mortgage regulatory agencies around the country. In order to accomplish this task, every state which has agreed to join the NMLS has foregone state-specific application forms in favor of a uniform, national set of application forms. These national application forms, entitled MU1, MU2, MU3 and MU4, involve information related to the mortgage companies, their principals, branch offices and loan originators. The original paper forms that bore these names have been replaced by online application forms. New mortgage companies will file original license applications using the online NMLS registration process, and all existing, licensed mortgage companies will eventually need to transition to the online registration process to upload their information. The transition process for existing licensees will typically be handled during the license renewal process.