NOTICE: The transition deadline for Mortgage Lenders and Brokers has been extended to March 31, 2010. For more see the DC Advisory for Mortgage Lenders and Brokers of November 30, 2009.
The Department of Insurance, Securities and Banking (“DISB”) will be transitioning onto the Nationwide Mortgage Licensing System (“NMLS”) from August 3, 2009 through October 31, 2009. Companies holding a Mortgage Lender, Broker or Dual Authority License have from August 3, 2009 to October 31, 2009 to complete an initial record by submitting through NMLS a Form MU1 for their company and a Form MU2 for each of their control persons.
Additionally, for each branch that has a Mortgage Lender, Broker or Dual Authority License, a company must complete and submit through NMLS a Form MU3 during the DISB Transition period of August 3, 2009 to October 31, 2009. It is important that current licensees have all of their District of Columbia license numbers available when completing and submitting their Form MU1 and Form MU3(s). We encourage you to update your information with DISB so that there will be no pending changes to submit during the transition period. When you submit a filing through NMLS you will make legal attestation that your information is up to date and current at time of submission. The department will review to confirm the record on file with DISB and NMLS match.
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 the District of Columbia and complete a few state specific fields.
2009 Schedule to Renew Mortgage Broker, Lender and Dual Authority Licenses
DISB will continue to use its current licensing system and relevant forms and instructions available on the DISB website -- www.DISB.DC.gov -- to facilitate the renewal of licenses that will expire on or before December 31, 2009.
To ensure an orderly conversion of District of Columbia mortgage licenses from the current quarterly staggered license periods to the new annual December 31 uniform license expiration date, DISB is now making the necessary adjustments to license expiration dates that occur during 2009. Accordingly, any license issued between July 1, 2009, and the end of 2009, will be valid from the date of issuance until December 31, 2010. Subsequent renewals will have to be processed on the NMLS.
2009 Schedule for New Mortgage Broker, Lender and Dual Authority Applicants
DISB has established a one month processing moratorium for new license applications during July 2009. No applications for a new license will be processed during July 2009.
Starting August 3, 2009, DISB will only accept applications for a new mortgage license through the NMLS.
2009 Schedule for New Mortgage Loan Originator Applicants
In compliance with the “Safe and Fair Enforcement Mortgage Licensing Act of 2008” (SAFE Act), DISB will now license Mortgage Loan Originators. Applicants for a Mortgage Loan Originator's license should consult their employer before logging into the NMLS and completing a Form MU4.
Companies that plan to employ loan originators who make mortgage loans on residential property in the District of Columbia 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 originator's 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 the District of Columbia 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 into the NMLS and electronically attest to its accuracy.
Loan originators must meet the requirements listed below:
- Satisfactory review of a credit report by DISB
- License Sponsorship in NMLS by your company
Loan originators must also meet the following additional requirements by July 30, 2010.
- Pre-licensing education courses
- A passing score on the SAFE Test which consists of a National component and a DC component
- Satisfactory criminal background check including fingerprinting
Detailed information concerning Loan Originator licensing requirements will be available on the DISB and NMLS websites in the coming months.