Current Company Licensees:
Companies holding a Mortgage Company License or a Supervised Loan License that are engaged in mortgage related activities in Kansas have until July 1, 2010 to complete and submit through NMLS Form MU1 for their company and Form MU2 for each of their control persons.
Additionally, for each branch holding a Mortgage Company License or a Supervised Loan License that is engaged in mortgage related activities in Kansas, a company must complete and submit through NMLS Form MU3 by July 1, 2010.
It is important that current licensees have all of their Kansas license numbers available when completing and submitting Form MU1 and Form MU3.
Any licensee engaged in mortgage related activities that needs to amend or surrender a license, establish or terminate a sponsorship of a mortgage loan originator license, or other action previously completed in paper form will complete these tasks electronically after initially registering in the NMLS system.
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 Kansas and complete a few state specific fields.
See also License Descriptions and Checklists.
Current Mortgage Loan Originators:
All individuals meeting the definition of a mortgage loan originator (MLO) have specific requirements which must be met in order to meet SAFE Act requirements for licensure. Current licensed Kansas Mortgage Loan Originators will receive an “Approved – Conditional” status while additional requirements are being satisfied. Full “Approval” will be issued once all additional requirements have been met.
Mortgage Loan originators or their companies have until July 1, 2010 to complete and submit a Form MU4 through the NMLS.
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.
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 originator’s license.
It is important that current licensees have their Kansas license number available when completing and submitting their Form MU4. License numbers are available on the OSBC website at www.osbckansas.org on the list of approved loan originators.
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.
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 Kansas and complete a few state specific fields.
In addition to filing the Form MU4, all individuals acting as mortgage loan originators must meet certain additional requirements to obtain full “approved” status.
Those requirements are:
- Pre-licensure certification
- A Passing Score on both the National and State components of the SAFE Test
- Satisfactory criminal background check including finger prints
- Authorization for credit report
- License Sponsorship in NMLS by your company
Kansas licensed mortgage loan originators who have previously completed 20 or more hours of OSBC approved continuing education and submitted proof of education to the OSBC prior to September 1, 2010 will be certified by the OSBC as having fulfilled NMLS pre-licensure education requirements. The OSBC will submit the certification to NMLS.
IMPORTANT - In order to participate in the OSBC certification process, a Mortgage Loan Originator must file a Form MU4 through NMLS with the OSBC and provide proof of education to the OSBC before September 1, 2010. There will be no grace period.
Any Individuals not certified by the OSBC prior to September 1, 2010 will be required to complete 20 new hours of NMLS approved pre-licensure education.
NOTE: If you have already completed 20 hours of NMLS approved pre-licensure education or have had your education certified to NMLS by another state, your pre-licensure education requirements have been satisfied.
See also License Descriptions and Checklists.