Current/Prospective Company Licensees/Registrants:
There are currently no plans for residential mortgage loan broker (RMLB) licenses to be processed through NMLS. Initial and renewal RMLB applications will continue to be processed directly with the Missouri Division of Finance. Therefore, RMLBs are NOT required to submit any forms to NMLS for licensing in Missouri. Further, RMLBs will not be submitting Forms MU4 for their Missouri mortgage loan originators (MLO) nor will they be able to sponsor their Missouri MLOs in NMLS.
Current/Prospective RMLB licensees should ensure that their Missouri MLOs take the required steps to become licensed with the Missouri Division of Finance by July 31, 2010.
No later than August 3, 2010, RMLBs must provide a list of Missouri licensed MLOs (employed by the RMLB) to the Missouri Division of Finance. Thereafter, any change in the MLO list must be provided to the Missouri Division of Finance within one business day of the change.
New Mortgage Loan Originator Requirement:
Mortgage Loan Originators (MLO), who have not already done so, should immediately establish an account with NMLS. This is necessary to obtain a Unique NMLS Identifier.
MLOs in Missouri are encouraged to complete the required 20 hours of pre-licensing education and pass the National Component of the SAFE test as soon as possible. MLOs wishing to have pre-licensing education certified by another jurisdiction must ensure certification has been completed and is recorded in NMLS before applying for a license. Failure to complete these requirements before submitting an application for a license may result in denial of the application.
MLOs in Missouri who have known derogatory credit information are strongly urged to address those issues before applying for a license. Credit issues that may affect an individual's ability to obtain a license include, but are not limited to, the following:
- Current outstanding judgments
- Current outstanding tax liens or other government liens and filings
- Foreclosures within the past three years
- A pattern of seriously delinquent accounts within the past three years
If not already done, MLOs in Missouri must complete and submit a Form MU4, and request a Missouri MLO license, through the NMLS before July 1, 2010. MLOs are encouraged to complete this process as soon as possible after Missouri begins accepting applications on April 2, 2010.
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 Missouri and complete a few state specific fields.
MLOs must complete and submit Form MU4 themselves.
MLOs must meet the requirements listed below before a license will be issued. MLOs must be licensed by July 31, 2010.
Requirements will include:
- Pre-licensure education or timely certification by another jurisdiction
- A Passing Score on the National component of the SAFE Test
- Satisfactory criminal background check including finger prints
- Satisfactory credit history as determined by a review by the Missouri Division of Finance
- Be employed and supervised by one licensed residential mortgage loan broker
In addition to the above requirements, MLOs who are licensed by July 31, 2010, will need a Passing Score on the Missouri component of the SAFE Test BEFORE a renewal license is issued during the November-December 2010 renewal period. MLOs licensed after July 31, 2010, will be required to achieve a Passing Score on the Missouri Component of the SAFE Test BEFORE an initial license is issued.
See also License Descriptions and Checklists.