Here are a few keypoints of the act:

- All mortgage licensees must register with the Nationwide Mortgage Licensing System.  The NMLS will provide a central location by which regulators, loan officers, and consumers can verify licensure and learn more about specific mortgage loan officers. 

- The NMLS will approve all mortgage offices and branches and will be the sole voice in which education providers and subsequent courses get approved.

- In addition to 20 hours of general education that the act requires, each state has the option of requiring it's own education.  So while the national component of the exam opens up the possibility of mortgage loan officers to originate in multiple states, each individual state component of both education and exam must also be satisfied.