New Company, Branch, and Individual License Forms (Effective March 31, 2014)
The new licensing form versions improve the information provided by applicants and licensees available to state regulators. They also make the forms more universally applicable to non-depository financial services industries beyond the mortgage industry. The changes include:
· Company and Branch Forms: The Business Activity “Reverse Mortgage Originations” was renamed “Reverse Mortgage Activities” and the definition was updated to reflect this comprehensive term.
· Company Form: Disclosure Question (E) regarding regulatory actions was updated to ask if there is “a pending regulatory action proceeding against the entity or a control affiliate […].”
· Branch Form: Branches will need to define Branch Managers as appropriate for the licenses they hold. NMLS now allows for one branch manager to be specified per combination of state and industry.
How will this impact licensees?
The next time licensees update their record, they will need to complete any necessary updates to the impacted sections of the licensing forms.
· Filers should verify that the updated Business Activity definition, “Reverse Mortgage Originations,” matches their current activities and submit an updated filing if necessary.
· Companies need to answer an updated disclosure question.
· Branches will need to assign a state and industry combination for branch managers.
For more information, see the Form Update Quick Guide.
Will these changes apply to Federal Registration forms?
One change has been made to Federal Registration for individuals. The instructional text identifying the intent to amend the individual’s name in the Identifying Information section has been updated to read, “Do you want to change your Full Name in NMLS?” This is an optional field.
Samples of the new licensing forms and business activites: