WASHINGTON (10/18/10)--The Conference of State Bank Supervisors (CSBS) is seeking comments on its proposed fees for the National Mortgage Licensing System & Registry (NMLS). The deadline for submitting comments is November 12. The National Credit Union Administration (NCUA) and the federal banking agencies have contracted with the CSBS’s State Regulatory Registry to modify the NMLS to accommodate registrations by credit unions and banks as required by the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). The SAFE Act will require credit union “mortgage loan originators” (MLO) and their employing institutions to register with the NMLS. The registry is expected to be available in January 2011. “The NMLS website adds additional information every week, so we hope to see the actual registration procedures loaded some time in November,” said Valerie Moss, Credit Union National Association (CUNA) director of compliance information. CUNA encourages credit unions to comment of the following proposed fees: Registered MLO fees:
* Initial federal registration:
* $30 if completed between January 1 and June 30; * $60 if completed between July 1 and December 1
* Annual renewal fee: $30 * Change in employment processing fee: $30 * Criminal background check:
* Electronic fingerprints: $39 * Paper fingerprints: $49
Employing Institution Fees:
* Initial institution filing: $100 * Annual institution renewal: $100 * Two-factor authentication annual subscription: $70
Please send your comments to CUNA via e-mail at firstname.lastname@example.org or to the CSBS at email@example.com by Nov. 12. Letters may also be submitted by postal mail to the CSBS address listed at the end of the proposal. For more information on the SAFE Act, visit CUNA’s compliance Web page at www.cuna.com and stay tuned for CUNA’s Dec. 9 SAFE Act Webinar with guest speakers from CSBS and NCUA. Details will be available on the CUNA training Web page by the end of the week.