NMLS Annual Renewal Period Now Open
This is a friendly reminder that the Nationwide Multistate Licensing System (NMLS) annual renewal period opened on Nov. 1 and will remain open until Dec. 31. The SAFE Act (Regulation G) requires both covered financial institutions and individual mortgage loan originators to renew their registrations annually.
Regulation G defines a covered financial institution as a bank or credit union that employs at least one mortgage loan originator. A mortgage loan originator, by definition, is an individual that:
- Takes residential mortgage loan applications; and
- Offers or negotiates the terms of residential mortgage loans for compensation or gain.
During the renewal process, the credit union’s SAFE Act administrator should confirm that the following information about the institution is correct in the registry:
Credit union name,
Main office address,
- Contact information,
- EIN number,
- RSSD number,
- Identification of its primary federal regulator,
- Name and contact information of its primary point of contact for the registry, and
- Name and contact information of its SAFE Act administrator.
An Institution Renewal Guide is available from the NMLS here.
During the renewal process, each mortgage loan originator at the credit union should confirm the following information is correct in the registry:
- Identifying information (e.g., name, home address, social security number, date of birth, etc.),
- 10 years-worth of financial services-related employment history,
- Any convictions of certain criminal offenses,
- Any civil judicial actions against the loan originator brought in connection with their financial services-related employment,
- Actions and/or final orders brought against the loan originator by a state or federal regulator,
- Customer-initiated financial services-related arbitration brought against the loan originator, and
- Fingerprints (if more than 3 years old).
A Loan Originator Renewal Guide is available from the NMLS here.
InfoSight360 has additional information available on the SAFE Act – Registration of Mortgage Loan Originators channel. There is also a model policy available in CU Policy Pro (Policy 7301: Registration of Mortgage Loan Originators.
