Temporary LO Authority went into effect on 11/24/2019. It gives the Loan Originator 120 days from when they apply and obtain Temporary Authority to complete Education and Testing while still being able to originate loans. The State may allow you to gather required documents during that time as well; however, some states may take away [...]
Here is the NMLS Policy on the definition of Control Person. But keep in mind that each state can make their definition broader than this if they desire. Owners of 10% or moreSenior Executive Officers/Directors/LLC Managers On page 37 of the NMLS Policy Handbook, there is a definition of Executive Officers: https://mortgage.nationwidelicensingsystem.org/slr/common/policy/NMLS%20Document%20Library/NMLS%20Guidebook%20October%202019%20Current%20Online.pdf Corporate Governance – as [...]
An LO License is only active if BOTH the License Status and the Sponsorship Status are Active Statuses. Therefore, it's important when verifying an LO's license status to check both statuses and keep record of this in your employee files before allowing an LO to conduct business in a State. It is also important to [...]