Armed for oversight: as it nears the 20-year mark, the American Association of Residential Mortgage Regulators (AARMR) keeps expanding its role as the association for state mortgage regulators. A national mortgage licensing system is one of its newer initiatives.

The Washington, D.C.-based American Association of Residential Mortgage Regulators' (AARMR's) plans for both uniform state mortgage licensing forms and a central registry of all those in the industry licensed by states have brought widespread industry attention--including some criticism. That is something new for this not-widely-known 19-year-old organization, which had been focusing much of its efforts on state rather than nationwide issues. [??] While the standardized uniform licensing form will simplify the licensing of companies that operate in more than one state, the central registry, formally the Nationwide Mortgage Licensing System (NMLS), is designed to prevent individuals who have lost or surrendered their licenses in one state from becoming employed and licensed in another. The way it will work is the NMLS will include local, state and federal actions taken against companies and individuals. [??] Currently, not all states ...

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