Reminder: NMLS Annual Renewal Period Ends Dec. 31

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires residential mortgage loan originators (MLOs) who are employees of agency-regulated institutions to register with the Nationwide Mortgage Licensing System (NMLS) and Registry.

The NMLS annual renewal period began Nov. 1 and will end Dec. 31, 2011. According to federal regulations, any institution managing registered MLOs in NMLS must renew its record in NMLS for 2012. Additionally, individual MLO registrants placed in an active status prior to July 1, 2011, must be renewed through NMLS for 2012.

To guide you through the renewal process, the NMLS has prepared a Renewal Handbook.

MLOs that do not renew their registration will be deemed inactive and will need to reactivate their NMLS registration—and institutions that fail to renew will be listed on NMLS as ineligible to originate mortgages.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Advocacy News, Compliance.