Political Quotes

“today I am introducing the State Licensing Efficiency Act with my colleagues Senators Lankford, Cotton, Capito, Leahy, Merkley, and Crapo. This bill provides a simple, commonsense change to the Secure and Fair Enforcement for Mortgage Licensing Act, SAFE Act, which became law in 2008 as part of the Housing and Economic Recovery Act. Overall, this bipartisan bill streamlines the licensing process for financial service providers, and I urge my colleagues to support it. The SAFE Act required that state banking regulators use the electronic Nationwide Mortgage Licensing System, NMLS, to license or register mortgage loan originators. As the author of the SAFE Act, I have been pleased to see the NMLS' success over the past five years in facilitating mortgage loan originator licensing. The use of the NMLS for mortgage loan originators benefits state regulators, those seeking licenses to conduct financial services, and consumers. First, it increases efficiency and consolidates the licensing process and relevant information in one place for state regulators. This also allows for easier coordination between regulators. Second, it provides a uniform licensing process for mortgage loan originators seeking licenses. Finally, it allows consumers to verify the credentials of financial service providers to ensure that they are truly licensed or registered in the state in which they are conducting business.…”