Aug 9, 2011

NMLS Update: Bank LOs Outnumber Nonbank LOs Almost 3 to 1

According to a report in National mortgage news,

Federally insured banks, thrifts and credit unions have three times as many loan officers engaged in mortgage lending as state-licensed companies, according to new figures submitted to the Nationwide Mortgage Licensing System and Registry.

The nearly completed system shows depository institutions and their mortgage subsidiaries employ 350,000 LOs, compared to state-licensed firms which have 109,000 LOs, according to the Conference of State Bank Supervisors.

State chartered firms include nonbank mortgage lenders and loan brokerage companies.

Banking institutions were required to file their registry information with CSBS by July 29.

The registry is now relatively complete, according to Bill Matthews, president of State Regulatory Registry, which is a CSBS subsidiary that operates the NMLS for the states. "All the deadlines have passed and now we can start looking at data and trends," Matthews told National Mortgage News.

The NMLS deadline for the last two states, Florida and California, was March 31.

In 2Q state (nonbank) LOs numbered 109,000 compared to 100,100 in the first quarter.

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