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Federal Agencies Publish Final Rule for the Federal Registry On July 28, 2010, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision, Farm Credit Administration, and National Credit Union Administration issued final rules requiring residential mortgage loan originators who are employees of federally-regulated institutions to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ( S.A.F.E. Act). For more information, including the final rule and a joint press release from the federal agencies, see Federal Registration. Test Prep Course Info
Click here to review some important facts and considerations to keep in mind when choosing a test-prep course. KS, WI and VI TestsCandidates are now able to enroll in and schedule appointments for the Kansas, Wisconsin, and Virgin Islands Unique State Test Components. The first appointments will be available on August 6th. For more information, please see Test Content Outlines. NMLS Ombudsman Meeting
An open meeting of the NMLS Ombudsman meeting will be held on Tuesday, August 10th from 9:00-12:00 CST prior to the AARMR Annual Regulatory Conference in St. Louis. Conference registration is not required for attendance at the meeting. Suggested agenda items will be accepted until July 29th. For more see NMLS Ombudsman. Call Center Hours for July 4th Holiday The NMLS Call Center will be open normal business hours Friday, July 2nd. The Call Center will be closed on Monday, July 5th for Independence Day and will reopen on Tuesday, July 6th. NMLS Workshops
NMLS is sponsoring several web-based training workshops. The Company Basics Workshop will show state licensed companies how to transition their existing license or apply for a new license using NMLS. The Managing MLOs Workshop will instruct company users how to perform the tasks necessary to manage state licensed mortgage loan originator licenses in NMLS. The workshops are being held from 2:00-3:30 pm ET on multiple dates in June and July. For more information see NMLS Workshops. System Maintenance June 5 NMLS will undergo system maintenance on Saturday, June 5. The system will be unavailable until the upgrade is complete. NMLS Annual Report
The Nationwide Mortgage Licensing System’s second annual report on system activities and SAFE Act compliance is now available at: 2009 Annual Report Call Center Hours – Memorial Day Weekend The Call Center will remain open until 7:00 p.m. ET on Friday, May 28th to help licensees meet state agency deadlines. Multiple states have transition deadlines as well as compliance deadlines during this weekend. For details see the Transition Deadline Chart and SAFE Requirements Deadline Chart. The Call Center will be closed on Monday, May 31st. June 14 - Test Components Released
Candidates are now able to enroll in and take the Alabama, Delaware, Missouri, Montana, Oregon, South Carolina and West Virginia state test components. See also Content Outlines. SAFE Compliance Countdown Blog Two New ReportsCompanies now have two new reports available in NMLS to track their mortgage loan originators’ compliance in the areas of Testing and Pre-licensure Education (PE). The reports will provide companies with lists of individuals who are compliant or non-compliant in their Testing (national and state) and PE. Individual MLOs must have granted access rights to the company to appear on the lists. CSBS Seeks Comment on Mortgage Call ReportCSBS is inviting comment on the NMLS Mortgage Call Report. More information can be found here: Proposals for Comment. Comments on the NMLS Mortgage Call Report are due May 14, 2010. System Maintenance May 1st NMLS will undergo system maintenance beginning at 12:00 am (ET) on Saturday, May 1. The system will be unavailable until the upgrade is complete. System Maintenance April 17th NMLS will undergo system maintenance on Saturday, April 17. The system will be unavailable until the upgrade is complete. MLOs with Previously Completed Testing and Education
The State Regulatory Registry LLC (SRR) Board of Managers has approved policies which will allow state agencies to identify MLOs who have previously completed education or state tests in a manner that satisfies selected SAFE Act requirements. This process is referred to as the testing and education certification process or simply “certification.” Details about the certification process, which states are participating in it, information on the process, the timeline, and additional FAQs can be found here: Certification of Testing and Education New State Test Components Available Candidates are now able to enroll in and take the next set of unique state test components including: Connecticut, Illinois, North Dakota, Ohio, and Oklahoma. For more information, please see Test Content Outlines. Criminal Background Check Processing
The FBI has announced that the processing of 500,000 fingerprints for the US Census will cause a delay in the return of results of criminal background check requests not related to the Census. The delay will begin April 28th and may extend through May 18th. This will not disrupt a MLO’s ability to request a CBC through NMLS or provide prints through an NMLS approved vendor. MLOs should continue to complete the CBC process in NMLS, but should expect slight delays from the FBI in posting the CBC results to NMLS. Call Center Closed Friday, April 2ndThe NMLS Call Center will be closed on Friday, April 2nd in observance of Good Friday. It will reopen on Monday, April 5th. New Company Reports
Several new reports have been developed for companies in NMLS. The Active License Item reports were delivered on March 15, 2010. These reports allow companies to retrieve a list of all outstanding license items set by your Regulator (requirements and deficiencies) for all licenses (company/branch or individual) as of the current date. Unfortunately, the delivery of certain company reports related to Testing and Education Compliance has been postponed. In support of SAFE Pre-Licensure Education (PE) and Testing Compliance monitoring efforts, reports will be provided on or about April 19, 2010, that will identify Individuals: 1) who have not completed testing and/or education requirements as of the current date or 2) who have completed testing and/or education requirements since the date provided. Similar reports for the monitoring of SAFE Continuing Education (CE) Compliance will be available to companies on or about May 1, 2010. Upon delivery, companies will be able to request these reports under the Reports tab in NMLS. Test Scheduler Undergoing Maintenance The NMLS test scheduling system will not be available for SAFE MLO appointment scheduling, rescheduling or cancellation from 12:00 pm (ET) on Friday March, 26th through 8:00 am (ET) on Monday, March 29th. However, the NMLS System will still be available for test enrollment. Individuals who pay for their enrollment during this time will be able to schedule their test immediately after the maintenance is complete. SAFE Compliance WebinarNMLS is sponsoring a 90 minute webinar to review the S.A.F.E. Act’s testing, education, criminal background and credit check requirements for mortgage loan originators and how these can be satisfied through NMLS. The webinar will be held from 2:00-3:30 pm (ET) on April 1, and then repeated on April 8. For more information see SAFE Compliance Webinar. NMLS Updating Applicant/Licensee Agreement
The NMLS Applicant/Licensee Agreement will be updated on March 31, 2010, modifying Paragraph (F) of Section 4 Applicant Data to add details to the licensee information that may be shared publicly by NMLS. Currently Paragraph (F) provides a non-specific authorization for NMLS to make certain information public. The new language itemizes the specific licensee information that is being made available through NMLS Consumer Access. A redlined version of the changes to the NMLS Applicant/Licensee Agreement can be found here: Applicant Agreement Redline. New State Tests Available April 12th
New content outlines have been posted for the following state specific test components: Connecticut, Illinois, North Dakota, Ohio, and Oklahoma. Candidates are now able to begin enrolling for these tests, and the first test appointments will be available beginning April 12th. April Training WorkshopsNMLS is sponsoring several web-based training workshops. The Company Basics Workshop will show companies how to transition their existing license or apply for a new license using NMLS. The Managing MLOs Workshop will instruct company users how to perform the tasks necessary to completely manage mortgage loan originator licenses in NMLS. The workshops are being held from 2:00-3:30 pm ET on April 6 and April 20, respectively. For more information see NMLS Workshops. CSBS Seeks Comments on the NMLS Mortgage Call Report and Education Provider Fees
CSBS is inviting comment on the NMLS Mortgage Call Report and Education Provider Fees charged to course providers. More information can be found here: Proposals for Comment. Comments on the NMLS Mortgage Call Report are due May 14, 2010 and for Education Provider Fees on April 14, 2010. More State Tests Available Candidates are now able to enroll in and take the next set of unique state test components including: California, Colorado, Indiana, Tennessee, and Utah. For more see Test Content Outlines. Training Workshops
NMLS is sponsoring several web-based training workshops. The Company Basics Workshop will show companies how to transition their existing license or apply for a new license using NMLS. The Managing MLOs Workshop will instruct company users how to perform the tasks necessary to completely manage mortgage loan originator licenses in NMLS. The workshops are being held from 2:00-3:30 pm ET on March 2 and March 16, respectively. For more information see NMLS Workshops. Notice on Cleanup of Un-submitted Filings
In order to improve system performance, pending filings (not submitted to a state regulator) more than 180 days old for entities that have submitted at least one filing through NMLS to a state agency are being deleted from NMLS on Wednesday, February 24th. The deletion of these un-submitted pending filings will not affect your license, nor any filings created within the last 180 days. Licensees are reminded that, notwithstanding deadlines that might apply within individual states, changes to your licensing information must be reported to state regulators through NMLS within 30 days of occurrence. NMLS Introduces Criminal Background Check, MU Form Changes NMLS has been upgraded incorporating federal criminal background check functionality and changes to the national MU Forms approved by regulators this past fall. Starting January 25, 2010, all new mortgage loan originator application filings will require a federal criminal background check to be obtained through NMLS. Additionally, the national mortgage forms have been amended for the first time since system launch. More information about these changes can be found here: Summary of Release 2010.1SRR Issues Responses to Public Comments Received on Background Check Processing in NMLSOn September 14, 2009, the State Regulatory Registry LLC (SRR) invited public comment on background check processing in NMLS. When this 30 day comment period ended, SRR had received nearly 200 comments from 110 commenters. The comments were reviewed by NMLS’ Mortgage Licensing Policy Committee. A summary of the comments and NMLS responses can be found here. System Maintenance January 22-24 NMLS will undergo system maintenance starting Friday, January 22nd at 5:00 pm EST and ending Sunday, January 24th. The system will be unavailable until the upgrade is completed. Due to the maintenance, the NMLS Call Center will close at 4:30 pm EST on Friday, January 22nd. Call Center Closed January 18th The NMLS Call Center will be closed on Monday, January 18th in observance of Martin Luther King Jr. Day. It will reopen on January 19th. New State Tests Available Feb 22ndNew content outlines have been posted for the following state specific test components: California, Colorado, Indiana, Tennessee, and Utah. Candidates will be able to begin enrolling for these state components on January 22nd, and the first test appointments will be available beginning February 22nd. NJ State Test Component Released Candidates are now able to enroll in and take the New Jersey State Test Component. NMLS renewal period for 2010 has endedLicensees who failed to submit a renewal request prior to the deadline may have an opportunity to request late renewal or reinstatement of their license in certain jurisdictions. To see which jurisdictions allow for late renewal/reinstatement and for more information, go to the State Renewal Information Page. If your jurisdiction allows for late renewal/reinstatement, follow the original renewal steps found here: Renewal Overview. Call Center Holiday Hours
The NMLS Call Center will have adjusted hours through year end as follows (shown in EST):
December 24th 9:00 am - 3:00 pm
December 28th 8:00 am - 8:00 pm
December 29th 8:00 am - 8:00 pm
December 30th 8:00 am - 8:00 pm
December 31st 8:00 am - 7:00 pm New State Test Components Released The next group of SAFE State MLO Test Components are now available. Candidates may enroll and take any of the following components: Arkansas, Mississippi, Nebraska, New Mexico, New York, South Dakota. The outlines for these states can be viewed here: Content Outlines. To learn more about taking a test, please see the MLO Testing Handbook. Mortgage Testing and Education Board State Regulatory Registry LLC announces the formation of the Mortgage Testing and Education Board (MTEB). For more information about the board and its responsibilities please refer to the media release. Call Center Holiday HoursThe NMLS Call Center will have reduced hours in observance of the Thanksgiving Holiday. The call center hours will be as follows:
Wednesday, November 25th - 9:00 a.m. to 5:00 p.m. EST
Thursday, November 26th – Closed
Friday, November 27th – 9:00 a.m. to 3:00 p.m. EST Test Performance InformationNotice on Cleanup of Unsubmitted Filings
In order to improve system performance, pending filings created prior to January 2009 that were never submitted to a regulator are being deleted from NMLS. The deletion of these unsubmitted pending filings will not affect your license, nor any filings created after January 1, 2009. Licensees are reminded that, notwithstanding deadlines that might apply within individual states, changes to your licensing information must be reported to state regulators through NMLS within 30 days of occurrence. If you have any issues, please contact the NMLS Call Center.
MLO SAFE Compliance Requirement ChartAn overview of SAFE compliance deadlines for mortgage loan originators has been posted on the NMLS Resource Center. The chart provides information on each agency’s SAFE Requirements. The chart is not a complete listing of all requirements to obtain and/or maintain a license in a state. MLOs must consult each state’s full requirements. The chart provides various compliance deadlines to assist MLOs and their companies. It will be updated regularly. The chart can be found in the Professional Requirements section of the website. Download: MLO SAFE Compliance Requirement ChartMU Form Changes
Approved changes to the MU Forms will be implemented in January 2010. The changes are in response to comments received during the NMLS Public Comment Period. The MU Forms Working Group reviewed this input and NMLS’ Mortgage Licensing Policy Committee approved these form changes. The MU Form changes will take effect in NMLS and the Policy Guidebook on January 25, 2010. For more details see MU Form Changes (PDF, 2MB). CSBS seeks comments on education services feesCSBS is inviting comment on 2010 education services fees charged to course providers. More information can be found here: Proposals for Comment. The comment deadline is Friday, December 4, 2009.
More Test Components Coming December 10New content outlines have been posted for the following state specific test components: Arkansas, Mississippi, Nebraska, New Mexico, New York, and South Dakota. Candidates will be able to begin enrolling for these state test components on November 10th, and the first test appointments will be available beginning December 10th. New State Test Components Released The next group of SAFE State MLO Test Components are now available. Candidates may enroll and take any of the following components: DC, GA, KY, MD, MI, WY and VA. The MA test component is also now available. The outlines for these states can be viewed here: Content Outlines. To learn more about taking a test, please see the MLO Testing Handbook. License Renewal Workshop on November 4NMLS is sponsoring a web-based training workshop on the NMLS 2010 Streamlined Renewal Process, November 4 at 2:00 pm ET. Companies will learn to effectively manage the renewal process for their company, branch and loan officer licenses in all participating jurisdictions. The registration deadline is November 3. For more information see NMLS Workshops. Consumer Access website coming January 2010Nationwide Mortgage Licensing System will be launching NMLS Consumer Access in January 2010. NMLS Consumer Access will be a separate fully searchable website that allows the public to view certain information about state-licensed companies, branches, and individuals licensed and registered through NMLS. For more see NMLS Consumer Access Overview. NMLS Policy Guidebook for Licensees releasedThe NMLS Policy Guidebook for Licensees is a compilation of the policies that were adopted by the Residential Mortgage Regulatory Taskforce (RMRT) in creating the uniform licensing forms and the NMLS. The Policy Guidebook embodies the collective input and decisions of the RMRT since 2005 when the project was initiated. The Policy Guidebook should assist licensees and applicants in understanding the policies related to using NMLS. The Policy Guidebook will be updated as needed to reflect decisions of the RMRT. Download: NMLS Policy Guidebook (PDF file 4.2MB) License Renewal Workshop on October 14NMLS is sponsoring a web-based training workshop on the NMLS 2010 Streamlined Renewal Process, October 14 at 2:00 pm ET. Companies will learn to effectively manage the renewal process for their company, branch and loan officer licenses in all participating jurisdictions. The registration deadline is October 13. For more information see NMLS Workshops. CSBS seeks comments on background check policies
On behalf of the state regulators participating in NMLS, CSBS is inviting comment on the policies related to background check and credit report processing in NMLS. More information can be found here: NMLS Comments. The comment deadline is Wednesday, October 14, 2009. Test enrollment opens for new group of states
The next group of SAFE MLO State Test Components is now available for enrollment and scheduling: DC, GA, KY, MD, MI, WY and VA. The outlines for these states are can be viewed here: Content Outlines. The first test appointments will be available beginning October 22nd. |
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New Jersey Extends Processing DateThe New Jersey Department of Banking & Insurance announced that all persons and entities that have filed transition applications on or before July 31, 2010 may continue to do business in the state for an additional 90-day period. The Department has issued an Order that pushes the processing completion date for filers back from July 31, 2010 to October 31, 2010. The Order also requires that all such pending transition filers must have satisfied all requirements for licensure no later than September 30, 2010. See NJ Order No. A10-109. South Carolina BFI Extends Processing DateThe South Carolina Board of Financial Institutions is extending the license application processing deadline until October 1, 2010. Mortgage lenders and loan originators that have filed applications and paid the appropriate fees by July 31, 2010 may continue to operate in the state until the extended date. Applications received after July 31, 2010 are not covered by the extension. See South Carolina BFI Memo. NM and VI Approaching Transition Deadline
The following regulatory agencies have a transition deadline of July 31st. Licensees should review each state's transition plan for more details.
New Mexico (Company and Branch)
Virgin Islands (Company and Branch) Florida Announces Participation in NMLS
The Florida Office of Financial Regulation announces it will begin accepting all mortgage license applications through NMLS on October 1, 2010. As required by federal and state law, individuals that want to apply for a loan originator license and businesses that want to apply for a mortgage broker or mortgage lender license will be required to submit their application through NMLS starting October 1, 2010. For details see the Florida Transition Plan. Hawaii Announces Participation in NMLS
The Hawaii Division of Financial Institutions has announced its participation on NMLS. HI DFI will begin accepting new application and transition requests through NMLS starting October 5, 2010. For details see the Hawaii Transition Plan. WA Approaching July 1st MLO Licensing Deadline All Mortgage Loan Originators previously exempt under Washington State's Consumer Loan Act must be licensed by Washington Department of Financial Institutions by July 1st. For more information see Washington Requirements. Minnesota Announces Participation in NMLS
The Minnesota Department of Commerce has announced its participation on NMLS. MN DOC will begin accepting new application and transition requests through NMLS starting October 1, 2010. For details see the Minnesota Transition Plan. Nevada Announces Participation in NMLS
The Nevada Division of Mortgage Lending has announced its participation on NMLS. Nevada DML will begin accepting new application and transition requests through NMLS starting October 1, 2010. For details see the Nevada Transition Plan. Utah DFI Announces Participation in NMLS
The Utah Department of Financial Institutions has announced its participation on NMLS. Utah DFI will begin accepting new applications for Mortgage Loan Originators through NMLS starting October 1, 2010. For details see the UT-DFI Transition Plan. Maine Announces Participation in NMLS
The Maine Bureau of Consumer Credit Protection has announced its participation on NMLS. Maine BCCP will begin accepting new applications and transition requests for Mortgage Loan Originators through NMLS starting October 1, 2010. For details see the Maine BCCP Transition Plan. Five Agencies Approaching Transition Deadline
The following regulatory agencies have a transition deadline at the end of May. Licensees should review each state agency's transition plan for more details.
California DOC - May 28
Montana – May 31
Oregon – May 31
Utah DRE – May 31
Texas SML – May 31 NJ and SC DCA Approaching DeadlinesNew Jersey and South Carolina DCA both have a transition deadline of April 30, 2010. Licensees should review each state's transition plan for more details: New Jersey (Company and Branch) South Carolina DCA (Company, Branch, and Individual) MO, TX and VI Begin Using NMLS NMLS is now receiving new application and transition filings for Missouri, Texas and the Virgin Islands. For more information see State Licensing. Indiana DFI and Oregon Add New LicensesIndiana Department of Financial Institutions and Oregon Division of Finance & Corporate Securities have begun accepting new mortgage loan originator applications through NMLS. For details see State Licensing. Three States Approaching Transition Deadline
The following state agencies have a transition deadline of March 31. Licensees should review each state's transition plan for more details: Oregon (company and branch licenses) Illinois (company and branch licenses) Wisconsin (all licenses) California DRE and Wyoming Receiving Applications Through NMLSNMLS is now receiving new application and transition filings for California Department of Real Estate. Wyoming Division of Banking is now receiving Mortgage Loan Originator License applications. For more information see State Licensing. California DRE Announces Participation in NMLS The California Department of Real Estate has announced its participation on NMLS. CA-DRE will starting accepting new application and transition requests through NMLS starting March 1, 2010. For details see the California DRE Transition Plan. Missouri Announces Participation in NMLSThe Missouri Division of Finance will start accepting new mortgage loan originator applications through NMLS starting April 2, 2010. For details see the Missouri Transition Plan. Texas SML Announces Participation in NMLS The Texas Department of Savings and Mortgage Lending has issued an announcement indicating their participation on NMLS. TX-SML will starting accepting new application and transition requests through NMLS starting April 2, 2010. For details see the Texas SML Transition Plan. New States Receiving Applications Through NMLSNMLS is now receiving new application and transition filings for the following states: CA (DOC), CO, IL, KS, MT, NJ, OH, OR, SC (BFI & DCA), UT (DRE), WV and WI. Licensees and new applicants are now able to submit records to these jurisdictions through NMLS. In addition, the following states are maintaining additional licenses on NMLS: GA, MI and NE. For more information see State Licensing. KS, NJ and WV Announce Participation in NMLS
The Kansas Office of the State Bank Commissioner, New Jersey Department of Banking and Insurance, and West Virginia Division of Banking issued separate announcements indicating their participation on NMLS. Kansas, New Jersey, and West Virginia will begin accepting new applications and transition requests through NMLS starting January 4, 2010. For details see each state's transition plan. Ohio and Colorado Announce Participation in NMLSThe Ohio Division of Financial Institutions and Colorado Division of Real Estate issued separate announcements indicating their participation on NMLS. Ohio and Colorado will begin accepting new applications and transition requests through NMLS starting January 4, 2010 (Colorado - Mortgage Loan Originators only). For details see each state's transition plan. Wisconsin and Utah announce participation in NMLS The Wisconsin Department of Financial Institutions/Division of Banking and the Utah Division of Real Estate have issued separate announcements indicating their participation on NMLS. Wisconsin and Utah-DRE will begin accepting new applications and transition requests through NMLS starting January 4, 2010. For details see each state's transition plan.
Oregon announces participation in NMLS
The Oregon Division of Finance & Corporate Securities has issued an announcement indicating their participation on NMLS. Oregon will begin accepting new applications and transition requests through NMLS starting January 4, 2010. For details see the Oregon Transition Plan. New Hampshire Adds New License
New Hampshire is now offering an Exempt Company Registration for companies who wish to manage their Mortgage Loan Originators in NMLS but are exempt from licensure. For more information see New Hampshire’s licensing requirements. South Carolina announces participation in NMLSSouth Carolina Board of Financial Institutions and South Carolina Department of Consumer Affairs have issued an announcement indicating their participation on NMLS. SC-BFI and SC-DCA will begin accepting new applications and transition requests through NMLS starting January 4, 2010. For more see the transition plans for SC-BFI and SC-DCA. MLO License Renewal Requirements A comprehensive overview of MLO Renewal Requirements has been posted in the Renewal Section (State Licensing > Common Requirements > Renewals). The chart provides detailed information on renewal requirements as determined by each agency. Illinois announces participation in NMLS The Illinois Department of Financial and Professional Regulation has issued an announcement indicating their participation on NMLS. Illinois will begin accepting new applications and transition requests through NMLS starting January 4, 2010. For details see the Illinois Transition Plan. Exempt Company Registration
As of October 1, 2009, several state agencies will offer an Exempt Company Registration for companies who wish to manage their Mortgage Loan Originators in NMLS but are exempt from licensure. The Exempt Company Registration is now available in NMLS for the following states: Georgia, Indiana DFI, Iowa, Kentucky, Maryland, Massachusetts, Rhode Island, and Tennessee. For more see State Licensing Requirements. Alabama receiving filings in NMLSIowa adds new licenses in NMLS
Iowa is now accepting applications for the following licenses: Master Loan Company Registration, Regulated Loan Company Branch License, Nonresident Regulated Loan Company Branch License, Industrial Loan Company Branch License, Nonresident Industrial Loan Company Branch License, and Mortgage Loan Originator License. Licensees are now able to apply for these licenses through NMLS. For more see Iowa License Descriptions and Checklists. Arizona adds two new licenses in NMLS
As of October 1, Arizona is accepting applications for the Commercial Mortgage Broker License and the Commercial Mortgage Broker Branch License. Licensees are now able to apply for these licenses through NMLS. For more see Arizona License Descriptions and Checklists. Massachusetts adds new registration in NMLS |
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