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More SAFE Act registry info sessions planned
WASHINGTON (1/26/11)--The Nationwide Mortgage Licensing System & Registry (NMLS) Resource Center has scheduled a second series of web-based workshops to inform financial institutions and their mortgage loan originating employees of pending regulatory requirements under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). The SAFE Act requires credit union mortgage loan originators and their employing institutions to register with the Conference of State Bank Supervisors’ (CSBS) National Mortgage Licensing System & Registry. The sessions specifically address portions of the SAFE Act that require mortgage loan originators (MLOs), including those at credit unions, to register on the new NMLS system, which is scheduled to begin on or around Jan. 31. Once the registry launches, MLOs have 180 days to complete the initial round of registrations. The NMLS Resource Center has been holding “Introduction to the NMLS Federal Registry” workshops throughout the month of January. Those workshops will end on Jan. 28. The new NMLS Resource Center series will feature four separate sessions. Session A, entitled “Institution Basics: Getting Started on NMLS,” will cover account initiation, user registration, form MU1R submission, and VeriSign “Two Factor Credentials” registration. Institutions will learn how to create mortgage loan originator accounts and records and to manage filing MU4R forms and related fees, among other things, during Session B. Session C will serve as a training session for MLOs, and the fourth session, Session D, will cover confirming a mortgage applicant’s employment and managing MLO records. The informational sessions are staggered, and are scheduled to run from Feb. 1 through March 24. For more on the sessions, and a full session schedule, use the resource link. The Credit Union National Association has also provided its own SAFE Act compliance guide. For that guide, which is available only to CUNA members, use the second resource link.
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