WASHINGTON (11/26/12)--Annual renewal processes for federal registrations will be reviewed during a Dec. 6 webinar, the Nationwide Mortgage Licensing System & Registry (NMLS) announced last week.
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, which became active in early 2011. The NMLS registry is intended to increase consumer protection and to help financial regulators coordinate and share mortgage originator information.
The NMLS noted that the Dec. 6 webinar is intended for financial institution account users, not individual MLOs. The registration fee is $75.
In a release, the NMLS said the webinar will address:
- Tools and resources available to help with NMLS renewal;
- Completing renewal of the institution account;
- Initiating renewal for employed MLOs manually;
- Initiating renewal for employed MLOs using an upload feature;
- Individual renewal attestation process;
- Utilizing the renewal activation report; and
- Confirming renewal complete in NMLS.
All NMLS accounts for financial institutions must be renewed annually, and this year's renewal period is scheduled to end on Dec. 31.
Credit unions and other MLOs are required to ensure that their mortgage loan originators are properly registered and prohibit any employees who are not registered from performing any residential mortgage loan origination duties.
For more on the webinar, use the resource link.