For years, the mortgage industry has been mandated to hold many different licenses when performing mortgage related services. In particular, with the SAFE Act that went into effect in 2010, the licensing regulatory and compliance landscape has increased tenfold.
As of today, the mortgage industry continues to see regulatory developments and licensing changes that require companies to remain informed and in sync with each release and requirement. Currently, lenders have managed the maintenance of their hundreds, and often thousands, of licenses by manual spreadsheets.
As companies experience growth, constant human resource changes, branch acquisition and attrition, and as regulatory requirements increase, spreadsheet management is proving to be a compliance and management nightmare.
These companies are in desperate need of automation.
License Tracker® is a dynamic web-based solution that automates all licensing and education requirements, regulation changes, and deadlines required by all state and federal agencies.
License Tracker software allows the user to collect data for, and manage, Company Licenses, Branch Licenses, Loan Originator Licenses, Foreign Qualifications, Renewal Deadlines, Mandatory Reports, Surety Bonds, and Continuing Education with real time visibility in an easy-to-use interface. Website and data are secured with the latest tools and applications on the web.
The proprietary dashboard capabilities include notifications, alerts, reporting, and a full suite of management tools designed to support all aspects of licensing compliance.
Sources: NMLS, Berkery Noyes
Currently, License Tracker does not have any direct competition, however; the Nationwide Mortgage Licensing System & Registry (NMLS) could potentially expand their application in the industry.
NMLS lacks “management” capabilities such as...
As of now, the NMLS is the official system for companies and individuals seeking to apply for, amend, renew and surrender license authorities managed through NMLS by 61 state or territorial governmental agencies. NMLS itself does not grant or deny license authority.
NMLS is the sole system of licensure for mortgage companies for 58 state agencies and the sole system of licensure for Mortgage Loan Originators (MLOs) for 59 state and territorial agencies.