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News Now

Washington
SAFE Act Webinar coming straight from the source
WASHINGTON (1/18/11)--The Nationwide Mortgage Licensing System & Registry (NMLS) is sponsoring web-based workshops called “Introduction to the NMLS Federal Registry” throughout the month of January. The sessions will be offered Jan. 19, 21, 26 and 28. They address rules under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (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. According to the NMLS, the workshop will provide an overview of the new registration process and will cover steps that credit unions can take to prepare for registration, which include building a batch upload file and choosing a workflow that may work for the organization. Workflows may vary depending on whether a credit union has individual MLOs register themselves or has the institution handle the entire registration process for all MLOs. The workshop is expected to be geared toward institution staff who will be handling any part of the registration process, not intended for individual MLOs. The NMLS also provides a series of resources on its website that can help credit unions and their mortgage loan originators. The resources include an NMLS “Getting Started Guide” for financial institutions which guides institutions through the registration process, and a similar guide for MLOs will be coming soon. There is also a guide that describes the process for submitting fingerprints to the NMLS. The NMLS also finalized the fee schedule that will apply to institutions and their MLOs. See the resource links below for more information.
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