NMLS

Nationwide Mortgage Licensing System

16 04, 2020

Loan Originator License Temporary Authority

2020-04-16T13:45:40-07:00April 16th, 2020|FAQ, Loan Originator Licensing, Mortgage Licensing News, NMLS|

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 [...]

8 04, 2020

NMLS Mortgage Control Person Definition

2020-04-09T17:21:02-07:00April 8th, 2020|Licensing Requirements, Mortgage Broker Licensing, Mortgage Companies, Mortgage Lender Licensing, Mortgage Servicer Licensing, NMLS|

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 [...]

5 05, 2010

SAFE Mortgage Licensing Act

2017-01-23T19:53:14-08:00May 5th, 2010|Loan Originator Licensing, Mortgage Licensing News, NMLS|

The SAFE Mortgage Licensing Act (Title V of P.L. 110-289, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008) was signed into law in July 2008. It requires every loan originator taking a residential mortgage loan application from a consumer to obtain a mortgage loan originator (MLO) license from the State Agency in [...]

6 11, 2009

Kansas Mortgage Broker Licensing becomes part of NMLS

2017-01-23T19:53:15-08:00November 6th, 2009|Mortgage Licensing News, NMLS|

Kansas adopted rules amending the Mortgage Business Act. Under the rules, mortgage loan originators are required to complete 20 hours of education and pass a written test prior to licensure. The rules also amend surety bond requirements, increase licensing fees for branch offices and establish additional record retention requirements for mortgage companies. Kansas also adopted [...]

5 11, 2009

Maryland NMLS-Approved SAFE Mortgage Loan Originator Test Available

2015-05-23T08:11:31-07:00November 5th, 2009|Loan Originator Licensing, Mortgage Licensing News, NMLS|

We are pleased to announce that NMLS-approved SAFE mortgage originator test components – both the national and the Maryland component – are now available for enrollment and scheduling. The first test appointments for the Maryland component will be available on October 22nd. The national component has been available since July 30, 2009. Registration is now [...]

5 11, 2009

CA Passes NMLS Loan Originator Licensing Requirements

2017-01-23T19:53:15-08:00November 5th, 2009|Licensing Requirements, Loan Originator Licensing, Mortgage Licensing News, NMLS|

California recently adopted several mortgage related bills. CA Senate Bill 36 became effective October 11, 2009 and includes the following revisions and adoptions: Adopts new sections covering: licensing requirements for loan processors and underwriters; application requirements including fingerprinting, personal history, and independent credit reports; minimum standards that must be met by mortgage loan originator licensing [...]

19 06, 2009

FAQ for Maryland NMLS Transition

2017-01-23T19:53:17-08:00June 19th, 2009|FAQ, Mortgage Licensing News, NMLS|

FAQ for Maryland NMLS Transition FREQUENTLY ASKED QUESTIONS AND ANSWERS REGARDING MARYLAND NMLS TRANSITION FOR YOUR ASSISTANCE As you know, Maryland's transition to the Nationwide Mortgage Licensing System is under way.  Your continued cooperation in this transition is greatly appreciated.  To assist licensees and applicants, we have prepared a list of "Frequently Asked Questions" and [...]

4 04, 2009

What is the Nationwide Mortgage Licensing System?

2017-01-23T19:53:17-08:00April 4th, 2009|Mortgage Licensing News, NMLS|

For those of you located in states that have already transitioned onto the Nationwide Mortgage Licensing System (NMLS), you are probably already intamitely familiar with the new NMLS. However, if you are not licensed in one of the 23 states that have transitioned or are in the process of transitioning on to the NMLS, you [...]

7 11, 2007

Update on Mortgage Reform Legislation

2017-01-23T19:53:19-08:00November 7th, 2007|License Updates, Mortgage Licensing News, NMLS|

Press Release from the House Committee on Financial Services: For Immediate Release: November 6, 2007   Financial Service Committee Approves Comprehensive Mortgage Reform and Anti-Predatory Lending Legislation     Washington, DC - The House Committee on Financial Services today approved historic bipartisan mortgage reform legislation and anti-predatory lending practices by a vote of 45 to [...]

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