NMLS is Being Outfitted for Non-Mortgage Industries

The Conference of State Bank Supervisors (CSBS) and its affiliate – the State Regulatory Registry LLC (SRR) – have announced plans to enhance the use of the NMLS to accommodate state use of the System for non-mortgage, non-depository financial services industries. This will give states the ability to use NMLS to license or register entities in a number of financial services industries, including consumer lending, money services businesses and debt collection. A dozen states are scheduled to start transitioning existing licenses and registrations onto NMLS as soon as this April, with more to follow in 2013.

Featured Speakers at NMLS Conference

The fourth NMLS Annual Conference & Training is bringing together over 99 state regulators from 50 state agencies as well as federal regulators from the CFPB, FDIC, and NCUA.

Featured Speakers:

		CFPB and the Supervision of the Mortgage Industry for Depositories and Non-depositories Peggy Twohig Assistant Director for Non-depository Supervision, Consumer Financial Protection Bureau
		NMLS and State Licensing Update David Cotney Commissioner, Massachusetts Division of Banks
		Mortgage Market and Economic Outlook – 2012 Doug Duncan Vice President and Chief Economist, Fannie Mae
		Mortgage Industry Views on Regulation and the Future of the Mortgage Industry Brian Chappelle Founding Partner, Potomac Partners

For registration, agenda, hotel info and more details, go to NMLS Annual Conference.

2012 Renewal

The 2012 NMLS Streamlined Renewal Process is underway. This year, over 16,000 companies and 115,000 state-licensed mortgage loan originators, holding licenses from one or more of the 58 state agencies using NMLS, are eligible to renew their licenses for 2012. Additionally, over 10,000 institutions and about 250,000 federally registered mortgage loan originators are eligible to renew their federal registration (roughly 100,000 MLOs are already registered through the end of 2012).

In just the first three weeks of the renewal period, a significant number of state licensees and federal registrants have completed the process. The percentage of companies and individuals who have submitted their renewal request as of November 19th is shown below. The renewal period ends December 31, but several state agencies have earlier deadlines for licenses. For more go to NMLS Renewal.

Continuing Education for 2011 (STATE)

The SAFE Act requires state-licensed MLOs to complete 8 hours of annual continuing education. Some states have additional requirements (see the State-Specific Education Requirements Chart).

So far in 2011, MLOs have completed 270,471 hours of continuing education (CE). Roughly 40% of the estimated 85,000 MLOs who are required to complete CE are now compliant.

MLOs need to complete their CE in order to renew their license for 2012. Don’t wait until the last minute. You can find CE courses on the NMLS Resource Center, under Professional Standards > Education.

Identifying Call Report Mistakes (STATE)

To help companies identify mistakes that can occur in the Call Report, NMLS has posted a set of Examples of MCR Data Quality Issues. The examples correspond to the following list of five commonly seen data quality issues:

1. Reversing an Amount field with a Count field – For example, entering an Amount of $1 and a Count of 250,000.
2. Closed loan sections not equal – Closed loans broken out by Loan Type should equal closed loans broken out by Property Type, Purpose and Lien Status.
3. Providing a loan Count but no loan Amount.
4. Loans Originated are not consistent – The amount and count of Loans Originated from the Application Data section (AC070, Directly received) should equal the loans listed in the MLO section, which should also equal Brokered and Closed-Retail loans in the Closed Loan section (Wholesale are excluded from this calculation).
5. Exceedingly high or low average loan size – Average loans sizes over $1,500,000 and below $5,000 are often an indication of a data entry error. However, some companies may have legitimate loans outside of these thresholds.

For directions on how to submit an amended MCR filing, take a look at Quick Guide: Amending an MCR Filing.