Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Compliance Should all MLOs ID themselves
WASHINGTON (3/28/11)--Should all mortgage loan originators (MLOs) that take part in a particular residential mortgage loan provide their Nationwide Mortgage Licensing System & Registry (NMLS) identification number on a member’s loan application? The Credit Union National Association, in this month’s Compliance Challenge, says yes. All MLO identification numbers should be provided, no matter how many originators have worked on a given loan application. The identification number is assigned to an MLO once they register with the NMLS, and is used to track the MLO and to allow public access to the MLO’s employment history. The identification number can also be used to track any disciplinary or enforcement actions that have been initiated against the individual. The identification number will remain the same, even if an MLO changes employment, moves, or changes his or her name, CUNA noted. The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires credit union mortgage loan originators and their employing institutions to register with the NMLS. The NMLS became active on earlier this year, and the initial registration period will run until July 29. For more of this month’s Compliance Challenge, use the resource link.


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
1 day ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
1 day ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
1 day ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
1 day ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
1 day ago