Legal Briefs

Your weekly update on the regulatory landscape.

Legal Briefs

Your weekly update on the regulatory landscape.

Reminder: NMLS Annual Renewal Period Ends Dec. 31

The SAFE Act requires residential mortgage loan originators who are employed by agency-regulated institutions to register with the Nationwide Mortgage Licensing System and Registry. The annual renewal period runs through the end of the year.

Disciplinary Action Functionality Added to NMLS Registry

The federal registration component of the Nationwide Mortgage Licensing System and Registry was updated last week to accommodate the collection of information about certain disciplinary, enforcement, and other actions against a mortgage loan originator.

CUNA Clears Confusion on SAFE Act Deadline

Credit unions and MLOs that registered with the NMLS last year must complete annual SAFE Act independent testing by the end of the year, according to CUNA, and not by July 29, which was the 2011 deadline for completing initial NMLS registration.

Mortgage Loan Officer Renewal Issue Resolved

The National Mortgage Licensing System has resolved the issue of some Mortgage Loan Originators’ status showing as exempt, when they should have been eligible for renewal. The status for all Mortgage Loan Officers is now correct.

Think You Are Safe With Regard to the SAFE Registry? Think Again.

The Nationwide Mortgage Licensing System (NMLS) and Registry, the registry for mortgage loan originators, has warned users that its renew status report contains errors.

Legal Briefs

Your rundown on the regulatory landscape.

Reminder: NMLS Annual Renewal Period Ends Dec. 31

The SAFE Act requires residential mortgage loan originators who are employed by agency-regulated institutions to register with the Nationwide Mortgage Licensing System and Registry. The annual renewal period runs through the end of the year.

Compliance Question of the Week

Am I required to ‘display’ the individual NMLS identifier number of our MLOs?

Compliance Question of the Week

Am I required to ‘display’ the individual NMLS identifier number of our MLOs?