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NMLS renewal period starts Nov. 1
WASHINGTON (10/20/11)--The Credit Union National Association (CUNA) in a recent CompBlog post reminded credit unions to confirm that previously submitted Nationwide Mortgage Licensing System & Registry (NMLS) information remains accurate and complete, and to update any information that needs to be changed, during the upcoming NMLS Annual Renewal Period. The 2011 renewal period begins on Nov. 1 and ends Dec. 31. The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires credit union mortgage loan originators (MLOs) and their employing institutions to register with the NMLS. The NMLS became active earlier this year. Registered MLOs are given 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, and the 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. All NMLS accounts for financial institutions must be renewed on an annual basis, and CUNA said that credit unions must renew their NMLS accounts before the institution’s MLOs can renew their individual registrations. Credit unions will be required to pay a $100 renewal processing fee. However, there is no MLO renewal fee for this first renewal period. CUNA added that individual MLOs that registered before July 1 of this year will need to renew their NMLS registration by the end of the year to remain active in the system for 2012. However, individual MLOs that registered for on the NMLS after July 1 will not need to renew their registration this year, CUNA said. MLOs that do not renew their registration will be deemed inactive and will need to reactivate their NMLS registration. MLOs that are not registered on the NMLS are prohibited from originating residential mortgage loans. Further, institutions that fail to renew will be listed on NMLS as ineligible to originate mortgages. For more on NMLS renewals, see CUNA’s CompBlog.


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