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Requirements In NMLS

Disclaimer:  This website contains information regarding state licensing requirements for the mortgage industry within the Nationwide Mortgage Licensing System & Registry (NMLS).  Each state has different requirements for companies and mortgage loan originators.  MLO CompliancePro provides general information regarding requirements housed within the NMLS.  For complete licensing and compliance information housed within the NMLS please visit the NMLS Resource Center which is the official gateway into the NMLS and provides users with tools, tips, news and updates.  

Common Requirements Applicable to Companies and/or Mortgage Licensed Originators for All States Managed in the NMLS:

Financial Statements

  • New licensees are required to submit financial statements at the time of application.
  • Existing licensees without a NMLS record should submit financial statements at the time of transition.
  • Existing licensees already on NMLS are required to submit their annual financial statements within 90 days following their Fiscal Year End.

Professional Standards

  • Criminal Background Check (CBC): Submitting fingerprints through NMLS for an FBI criminal background check. Every mortgage loan originator (whether state‐licensed or federally registered) is required to complete a CBC in NMLS.
  • Education: Completing pre‐licensure education (PE) or continuing education (CE) requirements. In order to meet SAFE Act PE requirements state‐licensed MLOs must complete 20 hours of NMLS approved education. In order to meet SAFE Act CE requirements state‐licensed MLOs must complete 8 hours of NMLS approved education. In addition to SAFE ACT PE and CE requirements there may be state specific education requirements set by state agencies associated with meeting the PE and CE education requirements.
  • Testing: Taking the National and State component(s) of the SAFE MLO Test. All state licensed MLOs are required to pass the National Component of the SAFE MLO Test. All state licensed MLOs are required to pass a State Component of the SAFE MLO Test for each jurisdiction in which they hold a license.
  • Credit Report: Authorizing a credit report through NMLS. Every state licensed mortgage loan originator is required to complete the credit report authorization process through NMLS.

NMLS Mortgage Call Report

  • A quarterly report of mortgage activity and company information created by state regulators and administered electronically through NMLS. All state licensed companies and companies employing state licensed mortgage loan originators must submit the NMLS Mortgage Call Report on a calendar quarterly basis for each state where your company holds a license or registration. It is due 45 days from the end of the quarter.
  • The Standard Financial Condition Report is due annually 90 days from a company’s fiscal year end. The Standard Financial Condition Report is to be completed by the majority of companies. The Expanded Financial Condition Report is due quarterly 45 days from the end of the quarter. The Expanded Financial Condition Report is to be completed by any company that is an approved Fannie Mae or Freddie Mac Seller/Servicer, or a Ginne Mae Issuer.

Annual Renewal

  • All Mortgage Licensed Originators (MLOs) that hold a state license are required to renew their licenses annually using the Nationwide Mortgage Licensing System and Registry (NMLS). Annually, NMLS provides functionality for company and individual users to submit their license and registration renewals, and also provides functionality for regulator users to view, approve, and reject the renewal requests that are submitted through the system.
  • The Renewal period in NMLS begins November 1 and ends December 31 of each year. Some states may have different deadlines for renewing a license. Companies and MLOs must complete the renewal process in order to renew a license or registration.

Additional Requirements Applicable to Companies and/or Mortgage Licensed Originators for States Managed in the NMLS (Requirements may vary by state):

NMLS Account Administration

  • Relationships: In order for an individual to be identified as an employee of a company, the company must create a Company Relationship with the individual in NMLS.
  • Sponsorships: Sponsorship is the authorization for a loan officer to conduct business under a specific license/registration on behalf of a state licensed company. Only a company with a license in a particular state can initiate the sponsorship of an individual’s license in that state.
  • Amendments: There are various times that MU Forms may require amendment:
    • As revisions are required by one or more regulators
    • As information in your record changes
    • As owners/executive officers join or leave your company
    • As actions occur that require disclosure questions to be updated
    • As ownership or control of your company changes
    • As branch managers are replaced
  • Revisions: Revisions may require pre‐notification to a regulator or the submission of additional documentation in addition to an amendment filing in the NMLS.
  • Company Access: In order to properly manage the individual records for MLOs employed by your company, you will need to have access to their NMLS record. You will need access to ensure each individual’s MU4 is up to date and to sponsor their license(s).
  • Payments in the NMLS: Payments submitted through NMLS can be made using Visa, Master Card, or ACH (Automated Clearing House).
  • Sponsorship and Relationship Termination: When a Mortgage Loan Originator leaves a company, the company is responsible for terminating the relationship in NMLS. Termination of a relationship in NMLS triggers an automatic notice to the State Regulator requesting removal of sponsorship for the licenses sponsored by the company.
  • Surrender Requests: The process of surrendering your license or withdrawing your license application through the NMLS.
  • Transitioning of Licenses: To transition your existing company license/registration, one or more branch licenses/registrations, and/or one or more loan officerlicenses/registrations onto the NMLS to meet a state’s requirement.
  • Attestation: If you are a Control Person, Branch Manager, Qualifying Individual or Loan Officer and your company has initiated a Form MU2 or a Form MU4 on your behalf, you will need to log into NMLS, review and confirm that your information is true and accurate.
  • Payment of Certification Invoices: To have a state test or state approved education certified, you are required to log in to NMLS and pay to have the certification posted to your record.
  • Course Enrollments: Enrolling in any NMLS approved pre‐licensure or continuing education course.
  • Test Enrollments: Prior to scheduling an appointment to take a SAFE national or state test component at a test center, a test enrollment must be requested and paid for in NMLS.
  • Individual Account Creation: If you are a Mortgage Loan Originator, Control Person, Qualifying Individual or Branch Manager, you will need a NMLS User Name and Password in order to create a record in NMLS or for NMLS attestation process.

Tracking and Reporting

  • Tracking of educational training for pre‐licensing and continuing education requirements set by National and State guidelines
  • Tracking and reporting of licensing and compliance information to key personnel for companies and mortgage licensed originators
  • Communication of updates and compliance for new requirements implemented by federal and state regulatory systems as it pertains to the NMLS
  • Confirmation of all licensing approvals and renewals for companies, branches and mortgage licensed originators through the NMLS

Support

  • Telephone and e‐mail support for companies and mortgage licensed originators
  • Toll Free: (888) 502 2703
  • Email: Support@MLOCompliancePro.com  
  • Hours: 9:00 a.m. to 8:00 p.m., ET, Monday through Friday with extended hours of 10:00 a.m. to 3:00 p.m., ET, Saturday during the NMLS renewal period

 

  

MLO CompliancePro, LLC. Suite 332, 1841 West Main Street, Troy, OH 45373
Phone: (888) 502 2703 Fax: (888) 502 2705. Email: info@mlocompliancepro.com

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