Posted by Bear900/CA on 6/5/13 12:05am
Msg #472297

NMLS Administering a Growing Number of State Licenses

You can see below where the NMLS is wrapping their arms around anyone with financial dealings. It is effectively trickling down to smaller entities related to finance.

I doubt that any of their employees had to take a NMLS state and federal exam like LO's do, but the issuance of a NMLS license provides the Feds with a means to track licensee activities. If you look at your 1003's you will see the NMLS numbers of the LO as well as that of the corporate entity they work for. The annual fees are not cheap. This is separate license from their state mortgage license.

"In the past year, a number of states have expanded their use of the Nationwide Mortgage Licensing System (NMLS) to manage license authorities beyond the mortgage industry. The NMLS now administers state licenses for a variety of license types, including:

• Money Transmitters
• Collection Agencies
• Pawnbrokers
• Insurance Premium Finance Companies
• Motor Vehicle Sales Finance Companies
• Motor Vehicle Retail Sellers
• Check Cashers
• Debt Adjusters
• Debt Management Service Providers
• Payday Lenders

The expansion of the NMLS into new license types is expected to continue in 2013 and beyond, raising important questions about licensing compliance and state regulatory supervision."

FinCen, (Financial Crimes Enforcement Network) is another mandated secret Suspicious Activity Reporting (SAR) that LO's have to be trained and tested for as of last August. Fines up to $10k for not reporting. It's another sizable cost to put these procedures into place.

I bring this up because mandated reporting of elder abuse (brought up in a prior thread today), which is in more states then CA by the way, is in lock-step with what is going on in the finance world surrounding notaries.

CA AB-477? Psh!!

Reply by 101livescan on 6/5/13 8:06am
Msg #472303

I wonder when signing services will appear on this list of mandatory licensing?

Reply by MW/VA on 6/5/13 9:31am
Msg #472309

That would be interesting & would certainly weed out

the bad guys. IMO it isn't going to happen, because ss are really not involved in the transaction. IMO it was also a very good thing when everyone in the mortgage industry was required to be licensed. It appears to have eliminated all the "call center" type operations that pushed so many bad loans a few years ago. Like the Tax Prep firms, they could hire anyone off the street, with no criteria whatsoever.

Reply by sueharke on 6/5/13 12:56pm
Msg #472337

Re: That would be interesting & would certainly weed out

Since I work in both the tax prep and notary services, I agree that untrained tax preparers make like difficult for some citizens. As far as notary work, I keep learning for the posting on this forum as I do not know everything. I would tell a potential tax client to use H&R or Liberty tax service if I had any issue preparing the tax return or suspected fraud.

Reply by MW/VA on 6/5/13 3:06pm
Msg #472361

I worked for one of those chains a few years ago, before any

criteria was in place. They were hiring anyone, including homeless people. At that time I
thought it was the perfect setup for someone wanting to do identity theft since they had access to all the personal info. Also, the clients were mainly low-income, willing to pay large tax prep fees, etc. because of EIC. I got out of it because of what I saw.