Simply Stated - All Things Finance

The Making of NMLS: 1 - A Rapidly Changing Mortgage Market

August 02, 2023 Conference of State Bank Supervisors (CSBS) Season 2023 Episode 7
Simply Stated - All Things Finance
The Making of NMLS: 1 - A Rapidly Changing Mortgage Market
Show Notes Chapter Markers

In episode one, we discuss the financial conditions in the early 2000s. Allegations of predatory lending, an increased number of applications of unqualified individuals to issue mortgages, and increasingly risky behavior in the mortgage market all caught the attention of state financial regulators. Seeing this growing trend, some regulators gathered at CSBS meetings in search of solutions.


About "The Making of NMLS" Series

The Housing and Economic Recovery Act, or HERA, was signed into law fifteen years ago on July 30, 2008. HERA included the SAFE Act, which required mortgage loan originators to register or be licensed in the Nationwide Multi-State Licensing System (NMLS).

In celebration of 15 years of NMLS, CSBS is releasing a podcast series about the creation of NMLS. Join us each week through August as we interview the regulators and leaders responsible for one of history's most ambitious 50-state projects.

Guests

  • Vickie Peck - Executive Vice President, Products & Solutions
  • Buz Gorman - Executive Vice President, General Counsel
  • John Ryan - Former CSBS President and CEO
  • Neil Milner - Former CSBS President and CEO
  • Bill Matthews - Former President and CEO of State Regulatory Registry LLC
  • Steve Antonakes - Former Massachusetts Commissioner of Banks; Former Deputy Director of the CFPB
  • Gavin Gee - Former Director of the Idaho Department of Finance; Former CSBS Chair
  • Joe Smith - Former North Carolina Commissioner of Banks
  • Tom Gronstal - Former Superintendent of Banking in Iowa
  • Darrin Domingue - Former Chief Examiner of the Louisiana Office of Financial Institutions
The Mortgage Environment in the Early 2000's
Early Warning Signs in 2002 - 2003
Abusive Activity Shifts Markets
State Regulator Insights from Collaboration