Nevada Transition Plan

**Transition Deadline Extended to November 19, 2010**

Note: These instructions apply only to currently licensed mortgage brokers, mortgage bankers, mortgage agents and affected exempt companies who intend to conduct mortgage loan activities on or after January 1, 2011. It is very important that licensees submit required forms during the dates noted to avoid additional fees and possible disruptions in the ability to conduct business.

Current Company Licensees/Exempt Companies:

Nevada will go live on NMLS on October 1, 2010. Companies holding a mortgage broker license, mortgage banker license or affected exemption certificate in Nevada have from October 1, 2010 until November 19, 2010 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 mortgage broker branch license or mortgage banker branch license or affected exemption certificate, a company must complete and submit through NMLS a Form MU3 by November 19, 2010.

It is important that current company licensees have all of their Nevada license or registration numbers available when completing and submitting their Form MU1 and Form MU3(s). Licensees may find their license numbers through the Licensee Record’s Link on the DML’s website at www.mld.nv.gov. Licensees should use their main license number for all branch locations.

With the exception of license renewals which will not be done within NMLS until December 2011, any licensee that needs to amend or surrender a license, establish or terminate a sponsorship of a mortgage agent license, or other action previously completed in paper form, from October 1, 2010 onward must complete these actions within NMLS. Paper forms, received through the mail, fax or walk-ins, will not be accepted by DML after September 30, 2010. Please note that all actions, such as changes of mortgage agent associations, cannot be completed on NMLS until the licensees have created a full NMLS record.

We encourage you to update your information with our office by September 1, 2010, 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 Nevada and complete a few state specific fields.

Current Mortgage Agents:

Mortgage agents should consult with their employer before logging into the NMLS and completing a Form MU4.

Mortgage agents in Nevada have from October 1, 2010 until November 19, 2010 to complete and submit a Form MU4 through the NMLS. Companies employing mortgage agents are required to sponsor their licensee in NMLS. Be advised that the Company MU1, the Branch Location MU3 (when the mortgage agent works from a branch) and the mortgage agent MU4 must all be submitted prior to the company sponsoring the mortgage agent’s license.

It is important that current mortgage agent licensees have their Nevada license number available when completing and submitting their Form MU4.

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 Nevada and complete a few state specific fields.

Mortgage agents can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the mortgage agent log into the NMLS and electronically attest to its accuracy.

Mortgage agents must meet the additional requirements listed below by December 31, 2010.

Additional requirements will include:

Pre-licensure or continuing education completion equal to required hours
A Passing Score on both the National and State components of the SAFE Test
Satisfactory criminal background check, including fingerprints
Nevada satisfactory review of a credit report
License sponsorship in NMLS by your company

Important Information

Please be advised that the full application process for mortgage agents on NMLS will require that you submit a new set of fingerprints. NMLS obtains fingerprints through live scan. In addition, applicants will be required to provide authorization to obtain their credit reports, once that functionality becomes available in NMLS.

The SAFE Act requires all mortgage agents to complete testing which must include both a state and a federal component. Agents must pass both tests by December 31, 2010 to be compliant with SAFE. SAFE also requires an agent to complete at least 20 hours of education.

DML will certify that agents have completed the 20 hour SAFE education requirement if they have met Nevada’s 30 hour pre-licensing education requirement or have completed at least 20 hours of Nevada continuing education though two renewal cycles, or by taking 20 C/E hours, instead of the required 10 hours, for one renewal. Individuals must complete these Nevada requirements by October 1, 2010.

DML will also certify that agents have completed the state component of the SAFE MLO Test if they pass the test offered by Nevada’s contracted vendor PSI. The PSI test will be offered until September 30, 2010, after which the Nevada Component of the SAFE MLO Test will be offered through NMLS. DML strongly suggests that every agent who has not taken and passed the PSI test do so immediately. The PSI Candidate Information Bulletin located on DML’s website contains PSI testing information.

For more information regarding the testing and education certification process, please go to the NMLS Certification Page.

All mortgage agents must take the National Component of the SAFE MLO Test, irrespective of passage of the PSI test or initial license date with Nevada. If a mortgage agent has already passed the National Component of the SAFE MLO Test for another state, he or she does not need to retake the test. In order to take the National Component, you must create an account on the Nationwide Mortgage Licensing System and obtain a NMLS unique identifier. Information regarding creating a unique identifier and registering for a test may be found on the NMLS Resource Center and DML’s websites.