Click to link on the link below to view the transition plan for the Act that is applicable to you:
Ohio Mortgage Loan Act
Ohio Mortgage Broker Act
MORTGAGE LOAN ACT
Current Company Mortgage Loan Act Registrants:
Companies holding a Mortgage Loan Act (“OMLA”) Certificate of Registration in Ohio have until June 30, 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 an OMLA Certificate of Registration, a company must complete and submit through NMLS a Form MU3 by June 30, 2010.
It is important that current registrants have all of their Ohio registration numbers available when completing and submitting their Form MU1 and Form MU3(s).
Any registrant that needs to amend or surrender a registration or other action previously completed in paper form, from January 1, 2010 onward must complete these actions within NMLS. Paper forms will not be accepted after December 31, 2009.
We encourage you to update your information with our office by December 11, 2009, so at the time of transition there will be no pending changes to submit.
NOTE: If you have submitted NMLS MU 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 registration type in Ohio and complete a few state specific fields.
New Mortgage Loan Originator Requirement:
Mortgage Loan Originators licensed under the Ohio Mortgage Loan Act should consult with their employer before logging into the NMLS and completing a Form MU4.
Mortgage Loan Originators in Ohio have until December 31, 2010 to complete and submit a Form MU4 through the NMLS. Companies employing mortgage loan originators are required to Sponsor their license in NMLS. Be advised that the Company form MU1, the Branch Location form MU3 (when the mortgage loan originator works from a branch) and the mortgage loan originator form MU4 must all be submitted prior to the company Sponsoring the mortgage 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 Ohio and complete a few state specific fields.
Mortgage loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the mortgage loan originator log in to the NMLS and electronically attest to its accuracy.
Mortgage loan originators must meet the requirements listed below by December 31, 2010.
Additional requirements will include:
- Pre-licensure education coursework
- A Passing Score of 75% on a National and State Mortgage Test
- Satisfactory criminal background check including finger prints
- Ohio satisfactory review of a credit report
- License Sponsorship in NMLS by your company
- Any other conditions the Superintendent may require
See also License Descriptions and Checklists.
MORTGAGE BROKER ACT
Current Company Mortgage Broker Act Registrants:
Companies holding a Mortgage Broker Certificate of Registration in Ohio have until April 30, 2010 to complete and submit through NMLS a Form MU1 for their company and a Form MU2 for each of their control persons as described in ORC 1322.04(B).
Additionally, for each branch holding a Certificate of Registration a company must complete and submit through NMLS a Form MU3 by April 30, 2010.
It is important that current registrants and licensees have all of their Ohio license numbers available when completing and submitting their Form MU1 and Form MU3(s).
Any registrant that needs to amend or surrender a certificate of registration, establish or terminate a sponsorship of a loan originator license, or other action previously completed in paper form, from January 1, 2010 onward must complete these actions within NMLS. Paper forms will not be accepted after December 31, 2009.
We encourage you to update your information with our office by December 11, 2009, so at the time of transition there will be no pending changes to submit.
Note: If you have submitted the NMLS MU 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 registration/license type in Ohio and complete a few state specific fields.
Current Loan Originators:
Loan Originators licensed under the Ohio Mortgage Broker Act should consult with their employer before logging into the NMLS and completing a Form MU4.
Loan Originators in Ohio have until April 30, 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 form MU1, the Branch Location form MU3 (when the Loan originator works from a branch) and the Loan Originator form MU4 must all be submitted prior to the company Sponsoring the loan originator’s license.
It is important that current licensees have their Ohio 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 Ohio 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 licensed prior to 12/31/09 must meet the additional requirements listed below by April 30, 2010.
Additional requirements will include:
- Pre-licensure education certification or courses
- A Passing Score of 75% on a National Mortgage Test
- Satisfactory criminal background check including finger prints
- Ohio satisfactory review of a credit report
- License Sponsorship in NMLS by your company
- Any other conditions the Superintendent may require
See also License Descriptions and Checklists.