In a July 23, 2014 proposal posted on the NMLS Resource Center website, the State Regulatory Registry LLC, a limited liability company that owns and operates the Nationwide Mortgage Licensing System and Registry (NMLS), proposes to create the following three year pre-licensure education expiration policy:
Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
Uniform State Test for State-Licensed Mortgage Loan Originators
On May 20, 2013, the Consumer Financial Protection Bureau (CFPB) issued its Bulletin 2013-05 as guidance for the Uniform State Test for State-Licensed Mortgage Loan Originators developed by the Nationwide Mortgage Licensing System and Registry. The text of Bulletin 2013-05 is reprinted below:
NMLS 2013 Annual Renewal Period
The 2013 Renewal Period in NMLS begins November 1 and goes through December 31. The following steps will help you prepare for and complete the renewal process in NMLS. Step 1 – Prepare for the renewal process NMLS has prepared a Renewal Handbook for state-licensed company and individual users to guide them through the renewal process. The handbook will provide information on how to prepare to request renewal of licenses in NMLS. • Renewal Handbook for Companies • Renewal Handbook for Individuals Do I need to renew my license if I received my approval for licensure after November 1, 2012? See State-Specific Renewal FAQs.
Consumer Financial Protection Bureau (CFPB) Issues Transitional Loan Originator Licensing Guidance – CFPB Bulletin 2012-05
Finally some good news from the CFPB. On April 19, 2012, the CFPB released the above referenced Bulletin, which states that the Federal SAFE Act (12 USC Chapter 51) and Regulation H (12 CFR Part 1008) permit a level of reciprocity between the states for granting loan originator licenses.
NMLS Annual License Renewal
Please be advised that starting November 1, 2011, licensees may request license renewals through the NMLS. Below is the NMLS web address that will assist you: http://mortgage.nationwidelicensingsystem.org/SLR/COMMON/RENEWALS/Pages. By following the four-step process on the above web page licensees (both individual and company) should have little or no problem renewing their respective licenses before the annual renewal deadline for their state.
NMLS Mortgage Call Report Training Workshops
Starting May 2, 2011, state mortgage licensees will be required to submit Mortgage Call Reports to the NMLS as required by the federal SAFE Act and the applicable state SAFE Act statutes. These workshops will provide an overview of the requirements and “how to” for submitting the Mortgage Call Report in NMLS. The NMLS placed a notice about the workshops on its Web site, which may be accessed at: http://mortgage.nationwidelicensingsystem.org/news/events/Pages/MCRWorkshop.aspx.
Federal Agencies Announce Initial NMLSR Registration Period for Mortgage Loan Originators – January 31, 2011, through July 29, 2011
On January 31, 2011, the following federal agencies – Office of the Comptroller of the Currency; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; Office of Thrift Supervision; Farm Credit Administration; and National Credit Union Administration – jointly published a notice on their respective websites announcing that the initial registration period for Federal registrations required by the S.A.F.E. Act and the federal agencies’ implementing rules (see our memorandum issued July 28, 2010) will run from January 31, 2011, through July 29, 2011. The federal agencies will soon publish the official notice about this initial registration period in the Federal Register.
Mortgagee Letter 2011-04 – FHA Capture of NMLS Information
This is to advise all clients that on January 5, 2011, FHA published the above Mortgagee letter (copy attached) notifying all FHA mortgagees that FHA will begin collecting the unique identifiers assigned by the Nationwide Mortgage Licensing System and Registry (NMLS) to individuals and entities participating in the origination of loans submitted for insurance by FHA at a number of points in the lender approval and loan origination processes, as described below.
NMLS Annual License Renewal Process Starts November 1, 2010
The Texas Department of Savings and Mortgage Lending and the Office of Consumer Credit Commissioner require company and individual licensees to renew their respective licenses through NMLS by no later than December 31, 2010. In view of this requirement, we redacted for brevity the following NMLS Streamline Annual Renewal Web page, which provides all the information you will need for the renewal process: http://mortgage.nationwidelicensingsystem.org/SLR/COMMON/RENEWALS/Pages/default.aspx.
NMLS Credit Report Authorization Beginning November 1, 2010
The Texas Department of Savings and Mortgage Lending requires all licensees to authorize a credit report through NMLS by no later than December 31, 2010. (The Department also encourages licensees to authorize a credit report through NMLS prior to renewing their license for 2011.) In view of this requirement, we reprinted below the credit report notice (redacted for brevity) from the following NMLS web address: http://mortgage.nationwidelicensingsystem.org/profreq/credit/Pages/default.aspx.