National mortgage broker system

Massachusetts is one of seven states that is prepared to immediately begin using a nationwide registry that will provide a uniform licensing system for mortgage brokers, lenders and loan officers.

The Nationwide Mortgage Licensing System is set to debut at the first of the year, and nearly 40 state agencies have so far committed to participating in the registry. In addition to Massachusetts, the other states ready to use the system January 2, 2008 are Idaho, Iowa, Kentucky, Nebraska, New York and Rhode Island.

The Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators are jointly developing the system, which the groups said is intended to streamline licensing for registrants, improve supervision of mortgage professionals and give regulators another tool to fight fraud.