Archive for May, 2010

18% of MLOs Hold More Than One License

May 27, 2010

While most MLOs hold a single state license, over 13,000 of the MLOs in NMLS hold licenses in more than one state. For SAFE compliance, this means checking with deadlines and requirements in each state to be sure that state testing and, in some cases, state-specific education is completed. The average ratio is 1.6 state licenses per MLO.

Confirming Compliance in NMLS

May 21, 2010

Companies have several reports available in NMLS to track their mortgage loan originators’ SAFE compliance. The reports provide companies with lists of MLOs who are compliant or non-compliant when it comes to Testing, Pre-Licensure Education and Background Check. (MLOs must have granted access rights to the company to appear on the lists.)

Individual MLOs can check their SAFE compliance by logging into NMLS and reviewing their record from the “Composite View” tab.

They Know Their Stuff

May 20, 2010

The NMLS Call Center receives a lot of compliments.  Tom recently had this to say about one of the call center representatives:

“She really knows her stuff…It’s very unique to have such a knowledgeable support line that you have a pleasurable experience every time you call.”

To help make your experience even more pleasurable, the Call Center staff suggest the following:

  • Be logged into your NMLS account and have your NMLS/Entity ID ready when you call
  • If you need to make payments, have your credit card or ACH information ready
  • Mondays and Tuesdays are the busiest call volume days and Noon to 4 p.m. ET is the busiest time of the day for calls, so call at other times if you can
  • Look for help on the NMLS Resource Center, especially the Quick Guides Page if you need help accomplishing a particular task

The Call Center currently employs 69 staff members.  Operating hours are 9:00 am to 7:00 pm (Eastern) and the number is (240) 386-4444.

Seven State Tests Go Live on June 14

May 18, 2010

35 state test components are up and running and 7 more will be released on June 14: Alabama, Delaware, Missouri, Montana, Oregon, South Carolina and West Virginia. Enrollment and scheduling for these tests is now open.

MLOs have passed over 43,000 state tests. One individual has passed 26 state tests already!

For help enrolling in a test, or to view test content outlines, go to the NMLS Testing Page.

May 28 is the California DOC Deadline

May 17, 2010

The deadline at California Department of Corporations for MLOs to transition onto NMLS and have all of their SAFE requirements completed is May 28, in order to ensure that applications will be processed by July 31. The chart below shows what percentage of California DOC’s MLOs have completed their SAFE requirements.