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Compliance MLOs must register by July 29
WASHINGTON (6/22/11)--Credit unions and their residential mortgage loan originators (MLOs) have until July 29 to complete initial registration on the Nationwide Mortgage Licensing System & Registry (NMLS) as required by the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). After July 29, any MLO who has not yet registered on the NMLS will be prohibited from originating residential mortgage loans without first meeting this requirement. “There are a number of steps credit unions and their MLOs need to take in order to register on the NMLS,” said Valerie Moss, CUNA director of compliance information. “For example, credit unions need to determine which employees need to register, pick account administrators and set up the institution’s account, gather data to get MLOs properly registered, get MLOs fingerprinted for background checks, etc. So, no credit union should wait until late July to begin this process.” Registered MLOs will obtain a “unique identifier,” which is the identification number associated with the MLO within the NMLS. The unique identifier remains the same, even when the MLO changes employment, moves, or changes his or her name. This identifier tracks the MLO and facilitates public access to the employment history and any disciplinary or enforcement actions that have been initiated against the individual. Once registered, MLOs should start providing their unique identifiers to mortgage applicants as soon as they receive them. However, according to the NMLS, consumer access to the federal registry won’t begin until the initial registration period
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