NMLS Electronic Surety Bonds Adopted By More State Regulatory Agencies
Since Electronic Surety Bonds (ESBs) were launched by the National Multistate Licensing System and Registry (NMLS) in September 2016, many professionals in the mortgage and financial services industries are now required to use ESBs. Thankfully, this process is much more convenient and efficient than traditional paper surety bonds.
With the addition of the Oregon Division of Financial Regulation later this week (April 15, 2017), 22 state agencies across the country will have adopted ESBs. To view the complete list of states that have adopted the ESB process, view the ESB Adoption Map and Table, which also includes a detailed listing of which types of licenses are required to utilize ESBs in each state. Examples of licenses now utilizing the NMLS Electronic Surety Bonds process include:
• Mortgage Brokers/Lenders/Servicers
• Money Transmitters
• Debt Management/Collection Agencies
• Check Cashiers
• Consumer Finance Lenders
In addition to new applicants, existing licensees must convert their paper bonds to ESBs by the conversion deadline listed for each state.