Since 2008, the Idaho Department of Finance has simplified applying for licenses in the mortgage industry by switching to a standardized, web-based National Mortgage Licensing System.
The Department of Finance will expand use of the national system Sept. 1 to the consumer finance, payday lender and collection agency industries.
Before, the department accepted Idaho-specific applications. Moving to the national application system will simplify the process for applicants filing paperwork in several states, which is common in these industries. The change will also help the department track licensees actions across state lines, Director Gavin Gee said in a prepared statement.
"The Department of Finance is proud to expand its use of NMLS, bringing efficiencies and improved oversight to other financial service industries," Gee said.
Applicants can opt to apply to use the state application instead of the national system. The department has issued 3,207 licenses through NMLS since adopting the system for mortgage licenses in 2008.
Starting Sept. 1, the department will offer and encourage all companies holding consumer finance company, payday lender and collection agency licenses to complete a record in NMLS.
Department employees will notify each current licensee in August with detailed instructions for transitioning their company and branches onto NMLS, if they so choose.