SAFE Compliance Countdown

Featured Speakers at NMLS Conference

nmls2 — Wed, 18 Jan 2012 22:26:23 +0000

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.

Filed under: Federal Registration, NMLS, SAFE Act, State Licensing Tagged: NMLS Annual Conference

2012 Renewal

nmls2 — Tue, 22 Nov 2011 13:22:15 +0000

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.

Filed under: Federal Registration, NMLS, SAFE Act, State Licensing Tagged: Annual Renewal

NMLS Annual Conference

nmls2 — Tue, 01 Nov 2011 16:30:05 +0000

The fourth NMLS Annual Conference & Training will be held in Scottsdale, Arizona on February 6-9, 2012. With over 400 attendees last year, the NMLS Annual Conference has become a must attend event for banks and nonbank companies that employ mortgage loan originators and are interested in state and federal mortgage supervision. The 2012 Conference will bring together state regulators from nearly all 50 states and U.S. Territories as well as federal regulators. Topics will include:

NMLS update – including the new MU Forms
CFPB update
Enforcement actions posting to NMLS
Expansion of NMLS to other industries
Development of a single State MLO SAFE Act test
NMLS Mortgage Call Report
Federal and state coordination on QRM, Loan Officer Compensation, SAFE Act, and more

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

Filed under: NMLS Tagged: Annual Conference

Continuing Education for 2011 (STATE)

nmls2 — Wed, 21 Sep 2011 17:33:11 +0000

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.

Filed under: NMLS, SAFE Act, State Licensing Tagged: CE, Continuing Education, Mortgage Education

Identifying Call Report Mistakes (STATE)

nmls2 — Tue, 23 Aug 2011 16:24:24 +0000

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:

Reversing an Amount field with a Count field – For example, entering an Amount of $1 and a Count of 250,000.
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.
Providing a loan Count but no loan Amount.
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).
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.

Filed under: NMLS, SAFE Act, State Licensing Tagged: Mortgage Call Report

Federal Registration Deadline is July 29 (FEDERAL)

nmls2 — Tue, 19 Jul 2011 12:56:49 +0000

MLOs employed by federally regulated institutions have until July 29 to comply with the SAFE Act’s federal registration requirement. The NMLS Call Center is staying open later to field calls leading up to the deadline.

Starting August 1st, consumers will be able to view a federally regulated MLO’s registration status in NMLS Consumer Access.

Institutions who still need to register their MLOs should visit the Resource Center’s Getting Started: Institutions. Individual mortgage loan originators should visit Getting Started: Mortgage Loan Originators.

Filed under: Federal Registration, NMLS, SAFE Act

When is your Fiscal Year End? (STATE)

nmls2 — Tue, 05 Jul 2011 15:04:15 +0000

The Financial Condition (FC) component of the Mortgage Call Report is due annually, 90 days after the company’s fiscal year end. Over 700 state-licensed companies in NMLS have a fiscal year end in the first half of the year, which means their FC due dates are beginning to hit. Be sure to put your MCR due dates (both the quarterly RMLA and the annual FC) on your calendar. (NOTE: Companies required to complete the Expanded MCR have different FC requirements.)

Filed under: NMLS, SAFE Act, State Licensing Tagged: Mortgage Call Report

MCR Round 2 is Due August 14 (STATE)

nmls2 — Tue, 05 Jul 2011 14:58:22 +0000

The second quarter has come to an end and NMLS is now accepting Mortgage Call Report filings for Q2 activity. The due date for the Q2 RMLA filing (loan activity data) is August 14.

Filed under: NMLS, SAFE Act, State Licensing Tagged: Mortgage Call Report

MCR Deficiencies Coming June 16 (STATE)

nmls2 — Thu, 09 Jun 2011 17:29:57 +0000

On June 16 a license deficiency will be placed on companies who have not submitted their Q1 Mortgage Call Report. Over 11,000 companies have successfully completed their Q1 MCR in NMLS. If you haven’t yet, get started on the NMLS MCR Page.

Filed under: NMLS, SAFE Act, State Licensing Tagged: Mortgage Call Report

Training Opportunities for Institutions (FEDERAL)

nmls2 — Thu, 26 May 2011 19:32:42 +0000

NMLS has recently posted two new training opportunities for federally regulated institutions.

The first is a one day onsite training that will cover all the basics concerning NMLS Federal Registration. For more info, see NMLS Federal Registration In-Person Training.

The second is an overview on how to review the Criminal History Record Information. The SAFE Act requires federally regulated institutions to review the results of FBI criminal background checks performed on their MLOs. NMLS is hosting a webinar (June 1 or June 7) for institutions to hear directly from FBI experts. For more info, see FBI Criminal History Record Information Webinar.

Filed under: Federal Registration, NMLS, SAFE Act Tagged: Background Check, Training