Ill. to use mortgage database licensing system

AP News
Posted: Dec 30, 2009 10:26 AM

Illinois is embracing a licensing database that officials say will help ensure the competency of mortgage loan professionals.

The Illinois Department of Financial and Professional Regulation said it'll start to use the Nationwide Mortgage Licensing System for license applications and renewals on Jan. 4.

About 30 states are currently using the system, which is run by the Conference of State Bank Supervisors, a group of state banking regulators. In addition to Illinois, several more states are expected to start using the system next year.

Brent Adams, secretary of Illinois' financial and professional regulation agency, said the network will help state officials better monitor the mortgage industry.

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Officials, for instance, can search the network to check if someone moving to Illinois has a record of disciplinary action in other states. It also enables Illinois mortgage companies and their staff to manage their licenses electronically.