Short answer
The NMLS is the Nationwide Multistate Licensing System, the shared platform states use to license mortgage and many other financial-services companies and individuals. If you originate, broker, or service mortgages, you almost certainly register and hold your state licenses through it. Several non-mortgage license types are managed through the NMLS as well.
The NMLS is not a license itself; it is the system of record states use to issue and renew licenses. Mortgage lenders, brokers, loan originators, and servicers register their company and individuals there, maintain a record, and file through it. A growing list of other license types, including some consumer lending and money transmitter licenses, are also handled in the NMLS.
Registering is the first step, not the last. You still meet each state's specific requirements, including surety bonds and background checks, within the system.
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