Current Company Licensees/Registrants:
Companies holding a Mortgage Lenders or a Mortgage Brokers License in U. S. Virgin Islands have until July 31, 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 Lenders’ or Mortgage Brokers’ License, a company must complete and submit through NMLS a Form MU3 by July 31, 2010.
It is important that current licensees have all of their U.S. Virgin Islands license numbers available when completing and submitting their Form MU1 and Form MU3(s).
Any licensee that needs to amend or surrender a license, establish or terminate a sponsorship of a mortgage loan officer license, or other action previously completed in paper form, from April 2, 2010 onward must complete these actions within NMLS. Paper forms will not be accepted after March 31, 2010.
We encourage you to update your information with our office by March 31, 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 U. S. Virgin Islands and complete a few state specific fields.
See also License Descriptions and Checklists.
New Mortgage Loan Originator Requirement:
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.
Loan officers in the U.S. Virgin Islands have until August 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 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 originators 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 U.S. Virgin Islands 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 must meet the additional requirements listed below by July 30, 2010.
Additional requirements will include:
- Complete 20 hours of NMLS approved pre-licensure education courses
- A Passing Score on a National Mortgage Test and State Component Test
- Satisfactory criminal background check including finger prints
- Division of Banking and Insurance satisfactory review of a credit report
- Sponsorship request received by company
- Tax Clearance letter
- Minimum Net Worth
- Surety bond & Sworn Statement
- Certificate of Good Standing or Certificate of Existence
- Article of Incorporation/Bylaws, a Certificate of Incorporation or other proof of registration
- Biographical affidavit
- Annual Mortgage Report
See also License Descriptions and Checklists.