Relevant:
- Nationwide Mortgage Licensing System Expands to 14 States
- AllRegs Offers SAFE Act-Compliant Originator Course
- Louisiana Law Cracks Regulation Whip over Originators’ Heads
- State Mortgage Regulators Submit Comment to HUD on Proposed Rule Regarding the SAFE Mortgage Licensing Act
- Federal Agencies Propose Rule to Implement S.A.F.E. Act Mortgage Loan Originator Registration Requirements
2011-02-02 — thetruthaboutmortgage.com
"The Conference of State Bank Supervisors (CSBS) today announced the commencement of the federal registration of mortgage loan originators via the Nationwide Mortgage Licensing System and Registry (NMLS)."
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Comments:
NYMLO&REguy at 05:55 2011-02-03 said:
I just read the article "federal registry for MLO's begins" dated 2/1/11. I am an MLO (broker) in NY and I registered with the NMLS in May of 2008 and my license was just recently approved on 12-3-10. I went through 2 rounds of fingerprints and background tests - 2 credit reports - took the 20 hour class - passed the national test and passed the NY state test. The process took 2 1/2 years. I was told all along that only brokers need to go through this while if you work for a federally chartered lender - all that is needed is to register with the NMLS - no fingerprinting, no criminal background check, no education and no testing. What exactly is this article saying? Do MLO's for lenders now need to go through the same process that brokers were required to and obtain an actual license or are they still merely required to only register with the NMLS? The article is confusing - does anyone know? If that's the case - what are there going to be like 200 eligible people left? - All the guys that I know who were denied licenses for one reason or another went to work for a bank - now they will not be able to do that? Please advise if you know? Thx! Permalinkadd a comment | go to forum thread
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