MADISON, Wis. (3/31/14)--The Credit Union National Association has been approved as National Mortgage Licensing System & Registry (NMLS) approved course provider.
The approval allows CUNA to create training opportunities that fulfill the Consumer Financial Protection Bureau's new rules under Regulation Z (1026.36 F3iii), which require credit unions to provide training covering federal and state law requirements that apply to an individual's loan origination activities.
While the rule is not specific about how much or what type of training is sufficient, it does provide a safe harbor that will be met by participating in CUNA's NMLS approved comprehensive mortgage loan originator course.
"With NMLS approval, credit unions who utilize CUNA's mortgage loan originator (MLO) courses can be confident they will satisfy the requirement under Regulation Z," said Tracy Blaske, CUNA's director of compliance education.
CUNA's NMLS approval involved an intensive application process and stringent requirements. Each individual MLO course developed will be separately assessed and approved before being offered.
Among the NMLS-approved training opportunities CUNA will offer is the "8-Hour SAFE Comprehensive Mortgage Loan Originator" course #4528 (NMLS ID #1405021). The course will take place Aug. 10 as a pre-conference workshop prior to CUNA Lending Compliance School in Las Vegas.
The course will prepare participants and their credit unions to meet the continuing education requirements of the Secure and Fair Enforcement (SAFE) for Mortgage Licensing Act.
The SAFE Act requires credit union mortgage lending originators and their employing institutions to register with the NMLS and to renew those registrations on an annual basis (News Now Jan 3). The NMLS registry is intended to increase consumer protection and to help financial regulators coordinate and share mortgage originator information.
Credit unions and other MLOs are required to ensure that their mortgage loan originators are properly registered and prohibit any employees who are not registered from performing any residential mortgage loan origination duties.