Department of Financial Institutions
Wilson Named Chair of National Mortgage Testing Board
FRANKFORT, KY (Oct. 13, 2009) – Ambrose Wilson IV, deputy commissioner of the Kentucky Department of Financial Institutions (DFI), has been appointed chairman of the national Mortgage Testing and Education Board of the Conference of State Bank Supervisors (CSBS).
This board is comprised of regulators responsible for overseeing testing and education that mortgage originators will be required to take through the Nationwide Mortgage Licensing System (NMLS). Responsibilities include formally approving courses and providers, as well as making decisions about reported test-taking incidents.
“I am honored to represent Kentucky and the other states on this important board,” said Wilson. “The required education and testing will ensure that those who originate residential mortgage loans across the country understand laws governing regulation, fair lending and consumer protection.”
State mortgage regulators from across the United States have been working since 2003 to develop a nationwide licensing system for the residential mortgage industry. The NMLS improves supervision, streamlines the licensing process and enhances consumer protection. Kentucky was one of the first seven states to join the system in 2008. Every state is now required to join the NMLS through the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act).
The S.A.F.E. Act requires a number of minimum standards be met before a loan originator is licensed/registered, including education hours and a written test administered through NMLS. Both the courses and the test must cover ethics, federal laws, state laws and other federal and state regulations, including fraud, consumer protection, nontraditional products and fair lending issues.
In Kentucky, there are currently 625 mortgage companies and brokers and approximately 3,100 individual mortgage registrants. More information about mortgage licensing in Kentucky can be found at www.kfi.ky.gov/nondepository/mortgage.htm.
Wilson joined DFI as deputy commissioner in October 2008. He previously worked as a human resource business partner at JPMorgan Chase in Lexington. He has a bachelor’s degree in general studies from the University of Kentucky. He is a 17-year member of the Woodford County Board of Education and has held leadership roles on numerous community groups. He and his wife, Karen, live in Midway.
CSBS is a national organization dedicated to protecting and advancing our nation’s dual banking system. Through CSBS, state bank regulatory agencies and state-chartered banks continue to champion a system that offers competitive chartering options, efficient and effective supervision and a lower cost of regulation for all banks.
DFI is an agency in the Public Protection Cabinet. It supervises the financial services industry by examining, chartering, licensing and registering various financial institutions, securities firms and professionals operating in Kentucky. DFI’s mission is to serve Kentucky residents and protect their financial interests by maintaining a stable financial industry, continuing effective and efficient regulatory oversight, promoting consumer confidence, and encouraging economic opportunities.
NOTE: Photo available