Last Updated on September 23, 2022
The Department of Savings and Mortgage Lending (“Department”) licenses and registers various entities, including residential mortgage loan companies, mortgage bankers, wrap lenders, and residential mortgage loan servicers, through the Nationwide Multistate Licensing System and Registry (“NMLS”). NMLS has recently developed the functionality for persons licensed or registered in NMLS to submit surety bonds necessary for licensure/registration electronically. The electronic submission of bonds in NMLS serves to streamline the licensing/registration process, increase the uniformity of licensing/registration across the various states and reduce the amount of paperwork filed by licensees/registration outside of NMLS.
Starting October 1, 2022, the Department will begin receiving new and converted Electronic Surety Bonds (ESB) through NMLS for the Residential Mortgage Servicer Registration. See the ESB Adoption Map and Table for a list of state agencies who have also adopted ESB and required ESB conversion dates.
