Many times in the past (especially just after renewal season), I have received calls from my clients asking for copies of their licenses because an investor had asked for it. Most states have stopped sending out paper licenses.
If an investor needs proof that you are licensed in a particular state, you can either send that person to the NMLS Consumer Access database, at http://www.nmlsconsumeraccess.org/ or you can go to your own company record in the NMLS, click on Composite View, click on View Company, (or Branch if a branch license is needed), click on View License/Registration list (on left side of screen) and then print out the list. You can do the same with any loan originator. For some states, this is the only record they will have for you; many states do not send out paper licenses or keep a database on their state agency website.
This is the new normal.
Showing posts with label nationwide mortgage licensing system. Show all posts
Showing posts with label nationwide mortgage licensing system. Show all posts
Monday, January 24, 2011
Monday, December 20, 2010
The December 31st Deadline is Quickly Approaching – Does It Affect You?
December 31st is the deadline for quite of number of people in the mortgage business. Many licenses expire and must be renewed. Certain states are completing their transitions to the Nationwide Mortgage Licensing System (NMLS) – Florida, Maryland, and Utah DFI. Hawaii received an extension from HUD through March 31, 2011 to complete its transition to the NMLS. This means that most of you are affected by the December 31st deadline.
Who is not affected? If you renewed your license already, and if you have completed all of your required continuing education, and you have submitted your checklist to your state regulatory agency, then December 31st doesn’t mean much to you. You may wish to contact your state regulatory agency to confirm that they have received everything from you that they need. At this time of the year, the reviewers are checking through thousands of renewal applications, so they may be delayed in approving or denying an application. But, you should check to make sure that you have sent in all required items.
The NMLS and most states are sending out generic reminders of various requirements for renewal. Read through each reminder in its entirety to make sure that it doesn’t apply to you. If it does apply, immediately schedule the work that needs to be done to bring you into compliance. Did you authorize your credit report to be pulled? Did you send in your checklist with all required documentation? Did you take all required continuing education? If you are not sure if the reminder applies to you, call your state regulatory agency and speak to someone in the licensing division. It’s better to be sure than to find out too late that you missed a requirement of your renewal. If you find that you are very busy this time of year, hire a licensing firm that can do most of the work for you and keep you apprised of what you still need to do.
If you are licensed in one of the states that is transitioning to the NMLS, you must decide whether you will transition your license in the next 10 days. I have several clients that are still making that decision and those state regulatory agencies are warning their licensees not to wait until the last minute to transition or they may not be properly licensed at the beginning of January. If you already have an NMLS record, the amount of time you need to spend to add a new state is not onerous (unless you are busy trying to close loans and make some money at this time of the year). If you have never been on the NMLS, you will be shocked at the amount of time it will take you to learn how to use the system. Plus, you must comply with all of the requirements of your license under the new statute.
I urge all mortgage company owners and all loan originators to take a few minutes to ensure that you have complied with all requirements to renew your licenses and/or to transition your licenses to the NMLS. You don’t want to be scrambling in January without a license.
Who is not affected? If you renewed your license already, and if you have completed all of your required continuing education, and you have submitted your checklist to your state regulatory agency, then December 31st doesn’t mean much to you. You may wish to contact your state regulatory agency to confirm that they have received everything from you that they need. At this time of the year, the reviewers are checking through thousands of renewal applications, so they may be delayed in approving or denying an application. But, you should check to make sure that you have sent in all required items.
The NMLS and most states are sending out generic reminders of various requirements for renewal. Read through each reminder in its entirety to make sure that it doesn’t apply to you. If it does apply, immediately schedule the work that needs to be done to bring you into compliance. Did you authorize your credit report to be pulled? Did you send in your checklist with all required documentation? Did you take all required continuing education? If you are not sure if the reminder applies to you, call your state regulatory agency and speak to someone in the licensing division. It’s better to be sure than to find out too late that you missed a requirement of your renewal. If you find that you are very busy this time of year, hire a licensing firm that can do most of the work for you and keep you apprised of what you still need to do.
If you are licensed in one of the states that is transitioning to the NMLS, you must decide whether you will transition your license in the next 10 days. I have several clients that are still making that decision and those state regulatory agencies are warning their licensees not to wait until the last minute to transition or they may not be properly licensed at the beginning of January. If you already have an NMLS record, the amount of time you need to spend to add a new state is not onerous (unless you are busy trying to close loans and make some money at this time of the year). If you have never been on the NMLS, you will be shocked at the amount of time it will take you to learn how to use the system. Plus, you must comply with all of the requirements of your license under the new statute.
I urge all mortgage company owners and all loan originators to take a few minutes to ensure that you have complied with all requirements to renew your licenses and/or to transition your licenses to the NMLS. You don’t want to be scrambling in January without a license.
Monday, November 1, 2010
How Do You Renew Your Individual Loan Originator License Through the NMLS?
Starting today, all mortgage loan originator licensees (usually called loan officers) must renew the licenses that expire on December 31, 2010. For those of you who are licensed in states that transitioned onto the Nationwide Mortgage Licensing System (NMLS) in 2008 or 2009, this transaction is old hat. For those of you who are renewing for the first time, you may be wondering about what the procedure is like. I have been helping clients with their NMLS renewals since 2008 so I’ve been down this road before.
The renewal process for most states starts with your using the NMLS to indicate which licenses you are renewing. If you have licenses that you are not renewing, you must actively indicate through the NMLS that you are not renewing those licenses. You can change your mind even if you click on “Do Not Renew.” You should also review your record to make sure that all of the information is up-to-date. Did you change your residence, did your company move its offices? All of your record should be accurate. You then attest to your individual record and pay the renewal and NMLS fees. If you took your pre-licensing education in 2008 or 2009, you must have taken 8 hours of continuing education in 2010 in order to get approval for your renewal license application.
Once you have renewed your licenses through the NMLS, you need to review the jurisdictional checklist for each state in which you are licensed. Print out the Renewals Checklist for each state and complete the Checklist. Although many of the states do not require additional documentation, you need to check the uniform checklist at http://mortgage.nationwidelicensingsystem.org/slr/common/renewals/NMLSDocumentLibrary/UniformIndividualRenewalChecklist.pdf
Send in each Checklist together with all additional documentation that is required to each state regulatory agency.
The state may take a few weeks to process your renewal application and additional documentation. If you have not sent in the additional documentation and checklist, the reviewer will post the items still needed on the Task List associated with your MU4 record. You need to keep checking to see if the Task List is changed. You can also view your license status by clicking on the Composite tab and looking at the View license/Registration List or by calling your state regulatory agency and speak to the reviewer.
If you wait until the end of December to renew your licenses, it is likely that your renewal approval will not come through until some time in January. This creates problems for you when your investors will not let you close without a 2011 license. Don’t wait until the last minute to renew.
Contact Robin Gronsky at Robin@Mortgagelicensesolutions.com if you need help with your licensing renewals.
The renewal process for most states starts with your using the NMLS to indicate which licenses you are renewing. If you have licenses that you are not renewing, you must actively indicate through the NMLS that you are not renewing those licenses. You can change your mind even if you click on “Do Not Renew.” You should also review your record to make sure that all of the information is up-to-date. Did you change your residence, did your company move its offices? All of your record should be accurate. You then attest to your individual record and pay the renewal and NMLS fees. If you took your pre-licensing education in 2008 or 2009, you must have taken 8 hours of continuing education in 2010 in order to get approval for your renewal license application.
Once you have renewed your licenses through the NMLS, you need to review the jurisdictional checklist for each state in which you are licensed. Print out the Renewals Checklist for each state and complete the Checklist. Although many of the states do not require additional documentation, you need to check the uniform checklist at http://mortgage.nationwidelicensingsystem.org/slr/common/renewals/NMLSDocumentLibrary/UniformIndividualRenewalChecklist.pdf
Send in each Checklist together with all additional documentation that is required to each state regulatory agency.
The state may take a few weeks to process your renewal application and additional documentation. If you have not sent in the additional documentation and checklist, the reviewer will post the items still needed on the Task List associated with your MU4 record. You need to keep checking to see if the Task List is changed. You can also view your license status by clicking on the Composite tab and looking at the View license/Registration List or by calling your state regulatory agency and speak to the reviewer.
If you wait until the end of December to renew your licenses, it is likely that your renewal approval will not come through until some time in January. This creates problems for you when your investors will not let you close without a 2011 license. Don’t wait until the last minute to renew.
Contact Robin Gronsky at Robin@Mortgagelicensesolutions.com if you need help with your licensing renewals.
Monday, September 13, 2010
Is Your State License Renewing Through the NMLS?
I have recently received communications from a few states that require license renewals soon but either all or part of the renewal process must be done directly through the regulatory agency, and not through the Nationwide Mortgage Licensing System (NMLS). For some states, you need to submit some documentation before the renewal process starts or submit an entire license renewal application and all of its supporting documentation to the agency which granted your license approval. If you are in one of these states, you should have received these communications already. To ensure that you are not in one of the states that renews licenses outside of the NMLS process, call or email your state regulatory agency to confirm that there is nothing that you need to do before renewals through the NMLS start on November 1, 2010.
Tuesday, September 7, 2010
What Should You Do If You Want to Surrender a License?
A number of mortgage brokers and lenders obtained licenses in multiple states for varying reasons. Lately, a number of clients have decided that those reasons are no longer valid (usually it has to do with not getting enough income from that state) and I get asked what they need to do to surrender the license.
Each state has its own procedures for surrendering a license and you must comply with that state’s procedure. To find out what that procedure is, check with the regulatory agency that issued your license. It may be on their website or it may involve a telephone call. If the state has already transitioned to the Nationwide Mortgage Licensing System (NMLS), the requirements will be there.
If the state is already on the NMLS, you must surrender through the NMLS. There may be additional requirements that appear on a checklist once the surrender request has been submitted through the NMLS. You may need to send in the original wall license. You may need to give prior written notice of your intention to surrender. You may need to file your final annual report within a set number of days after surrender.
Lastly, you must clear out your pipeline. Some states require you to immediately cease all activity once you surrender your license and other states may give you 30 days or so to close all loans in your pipeline. When you surrender your license, you must stop originating new loans.
Lastly, don’t forget that when you entered a new state, you had to file with the Secretary of State (or whichever agency regulates new and foreign corporations and LLCs). When you surrender your license, you need to also withdraw your authority to conduct business in that state. If you forget to do this last step, you could be liable for hundreds of dollars of annual registration fees.
Contact Robin Gronsky at Robin@Mortgagelicensesolutions.com if you need help with the NMLS or with your licensing applications (company or loan originator). I’ll keep what you tell me confidential but I cannot give you any specific legal advice until you become a client of the firm. This is done by written agreement only.
Each state has its own procedures for surrendering a license and you must comply with that state’s procedure. To find out what that procedure is, check with the regulatory agency that issued your license. It may be on their website or it may involve a telephone call. If the state has already transitioned to the Nationwide Mortgage Licensing System (NMLS), the requirements will be there.
If the state is already on the NMLS, you must surrender through the NMLS. There may be additional requirements that appear on a checklist once the surrender request has been submitted through the NMLS. You may need to send in the original wall license. You may need to give prior written notice of your intention to surrender. You may need to file your final annual report within a set number of days after surrender.
Lastly, you must clear out your pipeline. Some states require you to immediately cease all activity once you surrender your license and other states may give you 30 days or so to close all loans in your pipeline. When you surrender your license, you must stop originating new loans.
Lastly, don’t forget that when you entered a new state, you had to file with the Secretary of State (or whichever agency regulates new and foreign corporations and LLCs). When you surrender your license, you need to also withdraw your authority to conduct business in that state. If you forget to do this last step, you could be liable for hundreds of dollars of annual registration fees.
Contact Robin Gronsky at Robin@Mortgagelicensesolutions.com if you need help with the NMLS or with your licensing applications (company or loan originator). I’ll keep what you tell me confidential but I cannot give you any specific legal advice until you become a client of the firm. This is done by written agreement only.
Monday, June 7, 2010
The SAFE Act Requirements Are Only the Minimum
In 2008, Congress passed the SAFE Act, which had the objectives of creating a uniform set of license application and reporting requirements for loan originators, enhancing consumer protections, creating a nationwide database, and providing tracking ability of loan originators. The SAFE Act set out minimum requirements of which most mortgage industry members are familiar:
20 hours of pre-licensing education, 8 hours of continuing education after the first year of licensing, pass a national and a state test, FBI background criminal check, and (starting in October, 2010) provide credit reports.
These are the minimum requirements but the SAFE Act gave each state the right to set additional requirements. And some states have. Many states have additional forms that must be signed by the loan originator as part of the application process. Other states require state background checks so you are getting your fingerprints taken twice (sometimes at 2 different places) so that one set of fingerprint cards can be sent to your state’s criminal database and the other set can be sent to the FBI database. Some states accept the 20 hours of pre-licensing education as full compliance with their licensing requirements and other states require the 20 hours plus some extra hours of state-specific education (for example, North Carolina and New Jersey require 4 extra hours). Some states are requiring 8 hours of continuing education but other states require additional hours (for example, Kentucky requires 12 hours).
Especially if you are licensed in multiple states, you must be aware of the licensing requirements of each state in which you wish to be licensed. Some states require more than you thought they would.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
20 hours of pre-licensing education, 8 hours of continuing education after the first year of licensing, pass a national and a state test, FBI background criminal check, and (starting in October, 2010) provide credit reports.
These are the minimum requirements but the SAFE Act gave each state the right to set additional requirements. And some states have. Many states have additional forms that must be signed by the loan originator as part of the application process. Other states require state background checks so you are getting your fingerprints taken twice (sometimes at 2 different places) so that one set of fingerprint cards can be sent to your state’s criminal database and the other set can be sent to the FBI database. Some states accept the 20 hours of pre-licensing education as full compliance with their licensing requirements and other states require the 20 hours plus some extra hours of state-specific education (for example, North Carolina and New Jersey require 4 extra hours). Some states are requiring 8 hours of continuing education but other states require additional hours (for example, Kentucky requires 12 hours).
Especially if you are licensed in multiple states, you must be aware of the licensing requirements of each state in which you wish to be licensed. Some states require more than you thought they would.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
Monday, April 26, 2010
Complete Your NMLS New or Transition Application
The Virginia Bureau of Financial Institutions recently put out a news release reminding its loan originators that they must complete their transition to the Nationwide Mortgage Licensing System (NMLS) before July 1, 2010. Evidently, many loan originators are taking the first steps to get their record onto the NMLS but they don’t complete the process. When you don’t complete the process, you cannot get an approval to work as a loan originator. This fact is true for loan originators in every state that is conducting licensing through the NMLS.
What does completing the process mean? As a company or a loan originator, you need to start by creating an MU1 (for the company) or an MU4 (for the loan originator) form. Many people think that once they have completed that step they are finished. Not even close. After paying your transition or new license fees, all mortgage lenders, brokers, and loan originators need to check to see whether they need to submit the jurisdictional checklist to the licensing agency. Who needs to submit the checklist? If you answered “yes” to any disclosure question, if your state requires additional forms or a surety bond, if your state requires a state background check, you may need to submit the checklist. The checklist may require you to submit additional documentation that you can access only through the checklist.
Many loan originators are neglecting to check back to the work list that is posted in your record on the NMLS to see if the licensing agency has posted deficiencies that must be corrected before your license is fully transitioned or approved. The deficiencies are usually items that you would have submitted if you had sent in the checklist, but can also include deficiencies because you did not take the national or state exam yet (and the deadline may be coming soon), you have not submitted your FBI criminal background check or a state background check or maybe a required surety bond.
Don’t forget to add in extra time that your state licensing agency will need to investigate your background. Just because you already are licensed does not mean that the state will not review your MU1 or MU4 record, now that the licensing standards have changed.
Remember that your licensing agency can assess fines and penalties if your license is not fully approved by the deadline. Don’t wait for the last minute. What will you do if you need to re-take one of the required tests and you have less than 30 days until the transition deadline?
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
What does completing the process mean? As a company or a loan originator, you need to start by creating an MU1 (for the company) or an MU4 (for the loan originator) form. Many people think that once they have completed that step they are finished. Not even close. After paying your transition or new license fees, all mortgage lenders, brokers, and loan originators need to check to see whether they need to submit the jurisdictional checklist to the licensing agency. Who needs to submit the checklist? If you answered “yes” to any disclosure question, if your state requires additional forms or a surety bond, if your state requires a state background check, you may need to submit the checklist. The checklist may require you to submit additional documentation that you can access only through the checklist.
Many loan originators are neglecting to check back to the work list that is posted in your record on the NMLS to see if the licensing agency has posted deficiencies that must be corrected before your license is fully transitioned or approved. The deficiencies are usually items that you would have submitted if you had sent in the checklist, but can also include deficiencies because you did not take the national or state exam yet (and the deadline may be coming soon), you have not submitted your FBI criminal background check or a state background check or maybe a required surety bond.
Don’t forget to add in extra time that your state licensing agency will need to investigate your background. Just because you already are licensed does not mean that the state will not review your MU1 or MU4 record, now that the licensing standards have changed.
Remember that your licensing agency can assess fines and penalties if your license is not fully approved by the deadline. Don’t wait for the last minute. What will you do if you need to re-take one of the required tests and you have less than 30 days until the transition deadline?
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
Monday, March 29, 2010
Keeping Up With the Your State’s Transition to the NMLS
Most of the states have fully transitioned their licensing to the Nationwide Mortgage Licensing System (NMLS). But other states have transitioned only parts of their licensing – either they use the NMLS for the mortgage loan originator (MLO) licensing and company licenses are still done through the state banking department (or whatever the state calls the agency who is responsible for mortgage industry licensing) or the company and branch licenses are done through the NMLS and the MLO licensing will transition at a later date.
You must keep up with the NMLS transition requirements for each state in which you are licensed. If you don’t and you miss the transition deadline, you are treated as a new applicant and you will undergo a full application process and pay the higher fees that a new application requires. The NMLS website (http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx) has a “State Licensing News” section which updates all state transitioning information. You can also check with the websites of each state agency that licenses mortgage bankers, mortgages brokers and loan originators. If the state which licenses you has a mailing list, sign up for it. You will get newsletters or emails that keep you up-to-date with the latest information from that state, with little effort on your part (as long as you read the newsletters and emails).
On March 31, 2010, Oregon (company and branch licenses), Illinois (company and branch licenses), and Wisconsin (all licenses) finish their transitions for the licenses listed. If you are licensed in any one of these 3 states, get your transition for these licenses completed by the end of this month. Again, you need to keep aware of when the other licenses start their transitions in Oregon and Illinois and how to deal with new applications.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
You must keep up with the NMLS transition requirements for each state in which you are licensed. If you don’t and you miss the transition deadline, you are treated as a new applicant and you will undergo a full application process and pay the higher fees that a new application requires. The NMLS website (http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx) has a “State Licensing News” section which updates all state transitioning information. You can also check with the websites of each state agency that licenses mortgage bankers, mortgages brokers and loan originators. If the state which licenses you has a mailing list, sign up for it. You will get newsletters or emails that keep you up-to-date with the latest information from that state, with little effort on your part (as long as you read the newsletters and emails).
On March 31, 2010, Oregon (company and branch licenses), Illinois (company and branch licenses), and Wisconsin (all licenses) finish their transitions for the licenses listed. If you are licensed in any one of these 3 states, get your transition for these licenses completed by the end of this month. Again, you need to keep aware of when the other licenses start their transitions in Oregon and Illinois and how to deal with new applications.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
Tuesday, February 9, 2010
Fingerprinting on the NMLS
The Nationwide Mortgage Licensing System (NMLS) has opened up the ability to get your fingerprints done through their system. All states’ SAFE Acts, which govern the requirements of loan originator licensing, require federal criminal background checks to be conducted by the FBI. The NMLS now permits you to input the information that the FBI needs to run the background check. There is a fee for the background check which must be paid through the NMLS. You also schedule an appointment to have your fingerprints taken by an approved vendor. Your fingerprints will become part of your NMLS record but that part of your record is not allowed to be seen by the public. In many states, you must also have a background check run by your state police.
Many times, a client has told me that they can answer “no” to all of the criminal background disclosure questions even though they have been arrested in the past. The FBI and state criminal background searches show all arrests, even if your criminal record has been expunged, even if you received probation only, or other reasons that your criminal attorney told you that you could state that you had no criminal background. If you answer “no” to all of the disclosure questions, and you have been arrested in the past, you run the risk of having to explain why you have an arrest in your background check that you did not disclose. Now your honesty is in question, as well as the circumstances of the arrest. When in doubt, answer the disclosure question “yes” and send a letter of explanation to your state regulators.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
Many times, a client has told me that they can answer “no” to all of the criminal background disclosure questions even though they have been arrested in the past. The FBI and state criminal background searches show all arrests, even if your criminal record has been expunged, even if you received probation only, or other reasons that your criminal attorney told you that you could state that you had no criminal background. If you answer “no” to all of the disclosure questions, and you have been arrested in the past, you run the risk of having to explain why you have an arrest in your background check that you did not disclose. Now your honesty is in question, as well as the circumstances of the arrest. When in doubt, answer the disclosure question “yes” and send a letter of explanation to your state regulators.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
Friday, November 20, 2009
Updated Loan Originator Licensing Requirements On One Chart
The Nationwide Mortgage License System (NMLS) has just posted a new chart of each state’s deadline for certain requirements that mortgage loan originators must meet in order to be SAFE compliant. Title V of the Housing and Economic Recovery Act of 2008 (H.E.R.A.), “the SAFE Act”, became effective July 30, 2009 and mandates that state-licensed mortgage loan originators meet certain minimum requirements for licensure. The NMLS does issue a disclaimer that not all requirements are on the chart (for example some states require surety bonds for loan originators). Always check with your state’s regulatory agency in charge of licensing loan originators to find out all of your licensing requirements. Or you can retain an attorney or company that helps loan originators get their licenses.
The NMLS chart does present an updated list of deadlines for the main requirements – pre-licensing education, continuing education, testing for loan originators, credit reports and criminal background checks. It’s very helpful for loan originators who are or want to be licensed in more than one state. Check it out at this URL:
http://mortgage.nationwidelicensingsystem.org/profreq/Documents/SAFE%20Compliant%20Requirements.pdf
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
The NMLS chart does present an updated list of deadlines for the main requirements – pre-licensing education, continuing education, testing for loan originators, credit reports and criminal background checks. It’s very helpful for loan originators who are or want to be licensed in more than one state. Check it out at this URL:
http://mortgage.nationwidelicensingsystem.org/profreq/Documents/SAFE%20Compliant%20Requirements.pdf
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
Friday, September 25, 2009
Do You Still Need to Take North Carolina Pre-Licensing Education? Maybe Not.
North Carolina has prepared a chart for licensed loan originators to help answer questions they may have about the required pre-licensing education. If you are already a licensed loan originator in North Carolina, you were required to take pre-licensing education before your license application was approved and continuing education each year in order to get your licensed renewed and report that education to the North Carolina Commissioner of Banks. North Carolina is counting those hours towards the required 20 hours of pre-licensing education. Accordingly, if you have been licensed for more than two (2) years, you should have completed the 20 hours already. However, even if you have completed the 20 hours of pre-licensing education, you still need to take eight (8) hours of continuing education before you can renew your license this year (renewals through the Nationwide Mortgage License System (NMLS) start on November 1, 2009). You have until December 31, 2009 to take the pre-licensing education or continuing education.
If you are licensed in another state that has already transitioned onto the NMLS and have completed your twenty (20) hours of pre-licensing education in another state, you will not have to take additional hours of pre-licensing education for North Carolina. But to renew your license, you will need to take your eight (8) hours of continuing education.
The chart is available on the North Carolina Commissioner of Banks’ website here:
http://www.nccob.org/NR/rdonlyres/8D26CEAF-53C4-4104-A688-05A17E9C8651/0/CertificationChart92309.pdf
If you are applying for a new North Carolina loan originator license, you must take twenty-four (24) hours of pre-licensing education before your license application will be approved.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
If you are licensed in another state that has already transitioned onto the NMLS and have completed your twenty (20) hours of pre-licensing education in another state, you will not have to take additional hours of pre-licensing education for North Carolina. But to renew your license, you will need to take your eight (8) hours of continuing education.
The chart is available on the North Carolina Commissioner of Banks’ website here:
http://www.nccob.org/NR/rdonlyres/8D26CEAF-53C4-4104-A688-05A17E9C8651/0/CertificationChart92309.pdf
If you are applying for a new North Carolina loan originator license, you must take twenty-four (24) hours of pre-licensing education before your license application will be approved.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
Wednesday, September 16, 2009
What is on the Mortgage Loan Originator Tests?
All loan officers who are required to become licensed as mortgage loan originators in every state in which they wish to do business must pass a state exam. You must also pass a national test in order to get your license. If you want to be licensed in two states, you take the national test once, and the state test in the two states in which you intend to be licensed.
The NMLS has posted the course outlines for some of the states on its website:
http://www.stateregulatoryregistry.org/NMLS/AM/Template.cfm?Section=Testing&Template=/CM/HTMLDisplay.cfm&ContentID=24885
As of September 16, 2009, the following states have posted their test course outlines: Georgia, Maryland, Kentucky, District of Columbia, Wyoming, New Jersey, Virginia, Arizona, Idaho, Iowa, Louisiana, New Hampshire, North Carolina, Pennsylvania, Rhode Island, Vermont, and Washington. The National test course outline is also posted on the NMLS website. Massachusetts has posted its course outline but since the test is being revised, the course outline that is posted on the NMLS may be changed as well.
The course outlines are fairly short and just give you the briefest description of what will be tested. For example, the Maryland test has 55 questions, but only 45 questions will be scored. Five per cent (5%) of the test is on the Department of Labor, Licensing and Regulation, Division of Financial Regulation's structure and function. Ten per cent (10%) of the test is on definitions in the various laws that govern the licensing requirements for Maryland loan originators. Twenty five per cent (25%) of the test is about License Law and Regulations and covers who needs to be licensed (both in-state and out-of-state), the qualifications that the loan originator needs, the ground for denying the application, and what needs to be done to maintain the license (such as continuing education and conduct). Half (50%) of the test is about compliance and which types of activities are prohibited, what kind of advertising is not permitted, and what fees and charges are allowed or not allowed. The final ten per cent (10%) of the test covers the discliplinary process if you are not in compliance.
Each state has a slightly different outline so you need to review your state's outline (and the outline for all other states in which you wish to be licensed) to make sure that you know the information that will be tested. You do not need the take the required 20 hours of pre-licensing edcuation before you take the tests.
The NMLS has posted the course outlines for some of the states on its website:
http://www.stateregulatoryregistry.org/NMLS/AM/Template.cfm?Section=Testing&Template=/CM/HTMLDisplay.cfm&ContentID=24885
As of September 16, 2009, the following states have posted their test course outlines: Georgia, Maryland, Kentucky, District of Columbia, Wyoming, New Jersey, Virginia, Arizona, Idaho, Iowa, Louisiana, New Hampshire, North Carolina, Pennsylvania, Rhode Island, Vermont, and Washington. The National test course outline is also posted on the NMLS website. Massachusetts has posted its course outline but since the test is being revised, the course outline that is posted on the NMLS may be changed as well.
The course outlines are fairly short and just give you the briefest description of what will be tested. For example, the Maryland test has 55 questions, but only 45 questions will be scored. Five per cent (5%) of the test is on the Department of Labor, Licensing and Regulation, Division of Financial Regulation's structure and function. Ten per cent (10%) of the test is on definitions in the various laws that govern the licensing requirements for Maryland loan originators. Twenty five per cent (25%) of the test is about License Law and Regulations and covers who needs to be licensed (both in-state and out-of-state), the qualifications that the loan originator needs, the ground for denying the application, and what needs to be done to maintain the license (such as continuing education and conduct). Half (50%) of the test is about compliance and which types of activities are prohibited, what kind of advertising is not permitted, and what fees and charges are allowed or not allowed. The final ten per cent (10%) of the test covers the discliplinary process if you are not in compliance.
Each state has a slightly different outline so you need to review your state's outline (and the outline for all other states in which you wish to be licensed) to make sure that you know the information that will be tested. You do not need the take the required 20 hours of pre-licensing edcuation before you take the tests.
Friday, September 4, 2009
NMLS Pre-Licensing Education Approved Providers
The federal SAFE Act, as implemented by each state, requires 20 hours of pre-licensing education. Until recently, the Nationwide Mortgage Licensing System (NMLS) had not approved education providers and therefore the states could not actually require you to fulfill the education requirement in order to approve your being licensed as a loan originator.
NMLS is currently prioritizing approving the pre-licensure education courses for the states of AZ, IA, ID, LA, MA, MD, NH, NC, PA, RI, VA ,VT, and WA. It has also posted a list of approved course providers: http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Course_Providers&Template=/CM/ContentDisplay.cfm&ContentID=24045
This list is current as of August 31, 2009 and will be updated every Monday. You must take your pre-licensing courses from a provider which is on the NMLS list or the coursework will not fulfill the requirements of your state licensing statute. You do not need to take your 20 hours of pre-licensing education before you take the required test but at some point, you must complete the coursework.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
NMLS is currently prioritizing approving the pre-licensure education courses for the states of AZ, IA, ID, LA, MA, MD, NH, NC, PA, RI, VA ,VT, and WA. It has also posted a list of approved course providers: http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Course_Providers&Template=/CM/ContentDisplay.cfm&ContentID=24045
This list is current as of August 31, 2009 and will be updated every Monday. You must take your pre-licensing courses from a provider which is on the NMLS list or the coursework will not fulfill the requirements of your state licensing statute. You do not need to take your 20 hours of pre-licensing education before you take the required test but at some point, you must complete the coursework.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
Monday, August 3, 2009
Oklahoma Joins the Nationwide Mortgage Licensing System
Today is the day that Oklahoma joins the Nationwide Mortgage Licensing System (NMLS). The Oklahoma Department of Consumer Credit will no longer accept paper applications for a mortgage broker license. They must apply through the NMLS. Current licensees must create a company record on the NMLS (called an MU1) by December 1, 2009. If your company already has a record on the NMLS because of licensing in another state, you simply add Oklahoma as an additional jurisdiction to your MU1. There will be a late filing penalty of $100 if your company transitions between December 1, 2009 and December 31, 2009. After December 31, 2009, your license expires and you will not be able to renew it. You will need to submit a new application. If your company has branch offices, each branch must create a record on the NMLS by completing an MU3 form. The person in charge of each office is called the Qualifying Individual on the MU1. The fee for transitioning your broker license is $350, including the NMLS fee. New licenses cost $1,100.
All existing Oklahoma mortgage loan originators as of July 30, 2009 must transition their licenses prior to December 31, 2009 by completing an MU4. All current loan originators will need to take 20 hours of pre-licensing education, pass an exam, submit a surety bond, submit fingerprints for a criminal background check, and pass a financial background check, including a review of your credit report by December 31, 2009. New applicants for a loan originator license must complete the requirements by December 31, 2010. The license costs $210, which includes the NMLS processing fee, if you transition your loan originator license by December 1, 2009. If you do not make the deadline, there is an additional fee of $100. After December 31, 2009, you need to submit a new application. These fees do not include the cost of fingerprinting and credit report fees. You pay the fee through the NMLS and the fee is nonrefundable.
All of the additional requirements with which loan originators need to comply (pre-licensing education, exam, etc.) are not fully available on the NMLS yet so you will need to keep checking back with the NMLS in order to find out whether each requirement has been added to the NMLS. As updated information about the exam and the pre-licensing courses become available, I will post more information on this blog.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
All existing Oklahoma mortgage loan originators as of July 30, 2009 must transition their licenses prior to December 31, 2009 by completing an MU4. All current loan originators will need to take 20 hours of pre-licensing education, pass an exam, submit a surety bond, submit fingerprints for a criminal background check, and pass a financial background check, including a review of your credit report by December 31, 2009. New applicants for a loan originator license must complete the requirements by December 31, 2010. The license costs $210, which includes the NMLS processing fee, if you transition your loan originator license by December 1, 2009. If you do not make the deadline, there is an additional fee of $100. After December 31, 2009, you need to submit a new application. These fees do not include the cost of fingerprinting and credit report fees. You pay the fee through the NMLS and the fee is nonrefundable.
All of the additional requirements with which loan originators need to comply (pre-licensing education, exam, etc.) are not fully available on the NMLS yet so you will need to keep checking back with the NMLS in order to find out whether each requirement has been added to the NMLS. As updated information about the exam and the pre-licensing courses become available, I will post more information on this blog.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
Tuesday, July 28, 2009
Virginia transitioning to NMLS for Mortgage Loan Originators
Virginia will start using the Nationwide Mortgage Licensing System (NMLS) on August 3, 2009 to start implementing its version of the SAFE Act. It will not be using the NMLS for licensing mortgage bankers or brokers yet. What do you need to know if you are a mortgage loan originator whose employer originates or brokers Virginia loans?
By July 1, 2010, all loan originators will need to be licensed. In order to start the ball rolling, loan officers can start submitting applications through the Nationwide Mortgage Licensing System (NMLS) on August 3, 2009.
If you have never registered on the NMLS, you need to create your own record by completing an MU4 form which serves as the application. Then, you submit the Virginia checklist and accompanying documentation.
If you are already on the NMLS because you are licensed in another state, you do not need to submit a new application. You merely add a jurisdiction (Virginia) to your record (the MU4) and then submit the Virginia checklist with required accompanying documentation.
All applicants for a Virginia mortgage loan originator license need to take 20 hours of pre-licensing education, pass an exam, submit a surety bond, submit fingerprints for a criminal background check, and pass a financial background check, including a review of your credit report.
The fee for the license is $180, which includes a Virginia application fee of $150 and NMLS processing fee of $30. (This fee does not include the cost of fingerprinting and credit report fees that will be required.) All fees are collected through the NMLS and are NONREFUNDABLE.
As of July 22, 2009, the NMLS has not approved any course providers to teach the 20 hours of pre-licensing education. The licensing statute does not require the pre-licensing courses to be taken before the exam. As updated information about the exam and the pre-licensing courses become available, I will post more information on this blog.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
By July 1, 2010, all loan originators will need to be licensed. In order to start the ball rolling, loan officers can start submitting applications through the Nationwide Mortgage Licensing System (NMLS) on August 3, 2009.
If you have never registered on the NMLS, you need to create your own record by completing an MU4 form which serves as the application. Then, you submit the Virginia checklist and accompanying documentation.
If you are already on the NMLS because you are licensed in another state, you do not need to submit a new application. You merely add a jurisdiction (Virginia) to your record (the MU4) and then submit the Virginia checklist with required accompanying documentation.
All applicants for a Virginia mortgage loan originator license need to take 20 hours of pre-licensing education, pass an exam, submit a surety bond, submit fingerprints for a criminal background check, and pass a financial background check, including a review of your credit report.
The fee for the license is $180, which includes a Virginia application fee of $150 and NMLS processing fee of $30. (This fee does not include the cost of fingerprinting and credit report fees that will be required.) All fees are collected through the NMLS and are NONREFUNDABLE.
As of July 22, 2009, the NMLS has not approved any course providers to teach the 20 hours of pre-licensing education. The licensing statute does not require the pre-licensing courses to be taken before the exam. As updated information about the exam and the pre-licensing courses become available, I will post more information on this blog.
Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!
Tuesday, March 24, 2009
Audited Financial Statements and the NMLS
I find the NMLS to be an exasperating system to use at times. However, one function they have instituted has been very helpful to me and others who maintain compliance for mortgage lenders and brokers who operate in more than one state.
Many states have a requirement that you send them a copy of an audited financial statement every year. This involves keeping track of which states have this requirement and when the statements are due. Then you have the manual task of sending the same statement to each of those states.
Those states on the NMLS have revised their deadlines to all coincide on March 31st. Your audited financial statement must be in PDF form in order to be uploaded through the NMLS. And you are required to input the assets, liabilities, and shareholder/member capital even though those figures are in the financial statement. However, you upload one financial statement and it is distributed to all the states on the NMLS who require you to submit financials. That is one less task that your compliance department (which may be the owner of the company) must do more than once.
Many states have a requirement that you send them a copy of an audited financial statement every year. This involves keeping track of which states have this requirement and when the statements are due. Then you have the manual task of sending the same statement to each of those states.
Those states on the NMLS have revised their deadlines to all coincide on March 31st. Your audited financial statement must be in PDF form in order to be uploaded through the NMLS. And you are required to input the assets, liabilities, and shareholder/member capital even though those figures are in the financial statement. However, you upload one financial statement and it is distributed to all the states on the NMLS who require you to submit financials. That is one less task that your compliance department (which may be the owner of the company) must do more than once.
Monday, December 15, 2008
Delaware Loan Originator Licensing Requirements
Delaware has sent out a letter to its licensees informing them of how it will comply with the federal SAFE law in connection with mortgage loan originators.
The first step you would have noticed is that, unlike in prior years, when you renewed your Delaware company license, the application asked for the names and addresses of the loan originators that you employ. In the future, on a quarterly basis, you will be required to report any newly hired mortgage loan originators.
If a loan originator is currently employed by a licensed Delaware lender or broker, the loan originator will be required to submit a license application through the Nationwide Mortgage License System (NMLS) by March 31, 2009. The loan originator will be allowed to keep originating while the license application is pending, once the application is timely submitted.
If you hire a loan originator after January 1, 2009, that originator must first submit a license application through the NMLS immediately upon beginning employment (he/she can’t wait until March 31, 2009). Once the application is submitted, the loan originator may start to originate loans until a decision on his/her license application is made.
If your loan originator is already on the NMLS because of licensing in another state, he/she doesn’t need to create a new record. A simple amendment to the MU4, adding Delaware as a new state, is all that is required. Delaware is not yet requiring fingerprinting, credit reports, education hours or a national test yet. But if your loan officer answers ”yes” to any of the disclosure questions, he/she must send in additional information, giving all of the details about the problem that caused the “yes” answer.
There will be a $280.00 application fee which must be paid through the NMLS with a credit card or through electronic debit from a checking account. Once the loan originator license is approved, another $250.00 license fee will be required. There will also be annual assessment fees and annual NMLS processing fees.
Delaware has not announced when it will transition company licensing to the NMLS. The above information is for the licensing of individual loan officers only.
The first step you would have noticed is that, unlike in prior years, when you renewed your Delaware company license, the application asked for the names and addresses of the loan originators that you employ. In the future, on a quarterly basis, you will be required to report any newly hired mortgage loan originators.
If a loan originator is currently employed by a licensed Delaware lender or broker, the loan originator will be required to submit a license application through the Nationwide Mortgage License System (NMLS) by March 31, 2009. The loan originator will be allowed to keep originating while the license application is pending, once the application is timely submitted.
If you hire a loan originator after January 1, 2009, that originator must first submit a license application through the NMLS immediately upon beginning employment (he/she can’t wait until March 31, 2009). Once the application is submitted, the loan originator may start to originate loans until a decision on his/her license application is made.
If your loan originator is already on the NMLS because of licensing in another state, he/she doesn’t need to create a new record. A simple amendment to the MU4, adding Delaware as a new state, is all that is required. Delaware is not yet requiring fingerprinting, credit reports, education hours or a national test yet. But if your loan officer answers ”yes” to any of the disclosure questions, he/she must send in additional information, giving all of the details about the problem that caused the “yes” answer.
There will be a $280.00 application fee which must be paid through the NMLS with a credit card or through electronic debit from a checking account. Once the loan originator license is approved, another $250.00 license fee will be required. There will also be annual assessment fees and annual NMLS processing fees.
Delaware has not announced when it will transition company licensing to the NMLS. The above information is for the licensing of individual loan officers only.
Tuesday, June 3, 2008
NMLS Participating States
This is just an update of which states are now using the Nationwide Mortgage Licensing System (NMLS), the national database of mortgage lenders, brokers and loan originators.
Currently using the system are Idaho, Iowa, Kentucky, Massachusetts, Mississippi, Nebraska, New Hampshire, New York, North Carolina, Rhode Island, Vermont, and Washington. Some of these states are fully using the NMLS for all licensee information and others are just transitioning to the NMLS, with a date in the future, up to September 1, 2008, to be fully transitioned. If you are licensed in one of the states listed here, you should have been notified by your regulatory agency that you need to input all company and loan originator information into the NMLS database during the transition period. If you have not received such a notice, I suggest that you check with your banking department to get the latest information to keep you in compliance.
Forty-two states have signed up for the NMLS so expect that you will be on the system within the next couple of years.
Currently using the system are Idaho, Iowa, Kentucky, Massachusetts, Mississippi, Nebraska, New Hampshire, New York, North Carolina, Rhode Island, Vermont, and Washington. Some of these states are fully using the NMLS for all licensee information and others are just transitioning to the NMLS, with a date in the future, up to September 1, 2008, to be fully transitioned. If you are licensed in one of the states listed here, you should have been notified by your regulatory agency that you need to input all company and loan originator information into the NMLS database during the transition period. If you have not received such a notice, I suggest that you check with your banking department to get the latest information to keep you in compliance.
Forty-two states have signed up for the NMLS so expect that you will be on the system within the next couple of years.
Thursday, May 1, 2008
Washington State Consumer Loan Company License
Washington State has a new law requiring lenders to be licensed under the Consumer Loan Company Law. The law becomes effective on June 12, 2008. The license permits, lending, funding, brokering, or loan origination services to Washington consumers or others with Washington real property. The applicant needs to provide a financial statement, a surety bond of $100,000.00 per office location (up to a total of $500,000.00) and principals of the company must submit to criminal and credit background checks.
As of May 1, 2008, all lenders must apply for the license through the Nationwide Mortgage License System. Washington State will not be accepting paper applications anymore.
As of May 1, 2008, all lenders must apply for the license through the Nationwide Mortgage License System. Washington State will not be accepting paper applications anymore.
Monday, February 25, 2008
Working with the Nationwide Mortgage Liensing System
I represent a number of clients on an ongoing basis, keeping them in compliance with the states in which they are licensed. Because the Nationwide Mortgage Licensing System (NMLS) has been up since January 2, 2008, I’ve been on the system quite a bit.
My experience is that it is somewhat time-consuming to work with the NMLS. I actually have that same opinion about all computer-based systems (i.e. annual reports and renewals that must be done online). If the entry isn’t done in the exact format that they require, the computer kicks it back. If I don’t have the answer to a question for a client, I need to go back to the client and get the answer; otherwise the system will not let me get further through the questions. This is true even with questions that seem to be irrelevant as to whether a mortgage originator or owner is honest and experienced in the industry. Questions about 10 years of residential history, providing month and year for each residence, do not make sense to me. Ten years of employment history, even if it is not mortgage related, seems excessive. When you have a paper-based system, the reviewer seems to have the leeway to allow a small piece of information to be omitted. And the format of the response does not stop you from moving from question to question.
I have not yet had the pleasure of adding a new state to be licensed for a client already in the system. I hope that it will just require a few minutes of input for the new state (each state still has its own requirements for what it requires for licensure) and the application will be submitted. I still need to know each state’s requirements, but the added work of re-typing each state’s application form will eventually disappear. That will make the NMLS a pleasure.
My experience is that it is somewhat time-consuming to work with the NMLS. I actually have that same opinion about all computer-based systems (i.e. annual reports and renewals that must be done online). If the entry isn’t done in the exact format that they require, the computer kicks it back. If I don’t have the answer to a question for a client, I need to go back to the client and get the answer; otherwise the system will not let me get further through the questions. This is true even with questions that seem to be irrelevant as to whether a mortgage originator or owner is honest and experienced in the industry. Questions about 10 years of residential history, providing month and year for each residence, do not make sense to me. Ten years of employment history, even if it is not mortgage related, seems excessive. When you have a paper-based system, the reviewer seems to have the leeway to allow a small piece of information to be omitted. And the format of the response does not stop you from moving from question to question.
I have not yet had the pleasure of adding a new state to be licensed for a client already in the system. I hope that it will just require a few minutes of input for the new state (each state still has its own requirements for what it requires for licensure) and the application will be submitted. I still need to know each state’s requirements, but the added work of re-typing each state’s application form will eventually disappear. That will make the NMLS a pleasure.
Subscribe to:
Comments (Atom)
