Current Company Licensees:
Companies holding a Consumer Credit License or a Mortgage Broker License, who broker or extend credit secured by residential real estate in Alabama, have until December 31, 2009 to complete and submit through NMLS a Form MU1 for their company and a Form MU2 for each of their control persons.
Additionally, for each branch holding a Consumer Credit License or a Mortgage Broker License, a company must complete and submit through NMLS a Form MU3 by December 31, 2009.
It is important that current licensees have all of their Alabama license numbers available when completing and submitting their Form MU1 and Form MU3(s).
Any licensee that needs to amend or surrender a license, or other action previously completed in paper form will be required to complete these actions within NMLS. Paper forms and applications will not be accepted after August 15, 2009.
We encourage you to update your information with our office by August 15, 2009 so at the time of transition there will be no pending changes to submit.
NOTE: If you have submitted these forms in another state, then you do not need to re-enter your company record into NMLS. You will only need to identify the appropriate license in Alabama and complete a few state specific fields.
New Mortgage Loan Originator Requirement:
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.
Loan officers in Alabama have until June 1, 2010 to complete and submit a Form MU4 through the NMLS. Companies employing loan originators are required to Sponsor their license in NMLS. Be advised that the Company MU1, the Branch Location MU3 (when the Loan originator works from a branch) and the Loan originator MU4 must all be submitted prior to the company sponsoring the loan originators license.
NOTE: If you have submitted a Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to identify the appropriate license in Alabama and complete a few state specific fields.
Loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the loan originator log in to the NMLS and electronically attest to its accuracy.
Loan originators must meet the additional requirements listed below by June 1, 2010.
Additional requirements will include:
- Pre-licensure education
- A Passing Score on a National Mortgage Test
- A Passing Score on a State Mortgage Test
- Satisfactory criminal background check including finger prints
- Alabama's satisfactory review of a credit report
- License Sponsorship in NMLS by your company