New Company, Branch, Individual License Forms planned for April 2012
The biennial update to the NMLS licensing forms (“MU Forms”) has been completed and the new forms are planned to be implemented in NMLS in April 2012, along with other updates to the system. The updates to the forms were based on public comments (see Proposals for Comment) and input received from state regulators and are designed to fulfill two goals: 1) to improve the information provided by applicants and licensees available to state regulators; and 2) to make the forms more universally applicable to non-depository financial services industries beyond the mortgage industry.
One particularly important update to the licensing forms is a more developed Business Activities section for the company and branch forms that allows applicants and licensees to identify a broad range of financial services in which their company and/or branches engage in by state. This section will allow the system to more appropriately narrow the choices of license authorities which may be relevant to a particular applicant or licensee.
A working draft of the definitions of each business activity, along with the new forms, is available for review (below). NMLS users are welcome to submit comments on the definitions to comments@stateregulatoryregistry.org.
Other changes to NMLS planned for April 2012 include the ability for applicants and licensees to upload documents as part of a filing, processing of criminal background checks where required by an FBI-approved state law, improved process flow of form filing, and other minor changes.
Documents: