On 9/27/2021, the Nationwide Multistate Licensing System & Registry (NMLS) updated its Policy Guidebook. Updates to the Guidebook appear to be minor, such adding new language in the definition of Main Address to describe when a physical address is required.

Dec 4

Dec 4 VIDEO: Does the NMLS Number Need to be on Adverse Action Notices?

Adam Witmer

Adverse Action, SAFE Act

Adam uses this Compliance Clip (video) to answer the question as to whether a Mortgage Loan Originator’s unique ID - i.e. the NMLS number - needs to be included on Adverse Action Notices. The answer is quite simple, but how we arrive at that answer is a bit confusing.

Nov 14

Nov 14 Closing Disclosure NMLS Number for Different MLO

Adam Witmer

Regulation Z, SAFE Act, TRID

In this Compliance Clip (video), Adam explains what NMLS should go on the Closing Disclosure when one lender issued the Loan Estimate, but a different loan officer is now assigned to the loan. This situation can be tricky for financial institutions that don’t have much turnover with their lending staff. Fortunately, Adam busts out some commentary to guide the way on how to comply.

Oct 21
Oct 21 NMLS Registration to Open Next Week

Adam Witmer

SAFE Act

As is the case each year, the annual registration period for NMLS registration begins on November 1, 2019. This year, the NMLS registry has explained that the Registry will be down for site maintenance for parts of the day October 31, 2019, in preparation for the registration period that begins on the next day. Just in case any of our members were planning to come in early to get a head start on the registration process, keep in mind that the site will not open until 7:00 am ET, on Friday, November 1, 2019.

Sep 24
Sep 24 Federal Reserve Board Proposes Repeal of S.A.F.E. Act Regulations

Adam Witmer

SAFE Act, Regulatory Update

On September 21, 2018, the Federal Reserve Board proposed to repeal two regulations that implement the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, otherwise known as the S.A.F.E. Act. The SAFE Act was passed in 2008 and mandates a nationwide licensing and registration system for residential mortgage…

Apr 2
Apr 2 NMLS Number on Adverse Action Notice

Adam Witmer

Adverse Action, SAFE Act, Regulation B

The SAFE Act requires that each registered Mortgage Loan Officer (MLO) provide their unique identifier (NMLS #) to applicants according to certain requirements. For example, the NMLS number must be provided to the customer upon request, before acting as a mortgage loan originator, and through the MLO’s initial written communication with a consumer. For this reason, most financial institutions have established procedures to include the NMLS number on...

Sep 29
Sep 29 NMLS Updates Policy Guidebook

Dec 4 VIDEO: Does the NMLS Number Need to be on Adverse Action Notices?

Nov 14 Closing Disclosure NMLS Number for Different MLO

Oct 21
Oct 21 NMLS Registration to Open Next Week

Sep 24
Sep 24 Federal Reserve Board Proposes Repeal of S.A.F.E. Act Regulations

Apr 2
Apr 2 NMLS Number on Adverse Action Notice

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Sep 29 Sep 29 NMLS Updates Policy Guidebook

Oct 21 Oct 21 NMLS Registration to Open Next Week

Sep 24 Sep 24 Federal Reserve Board Proposes Repeal of S.A.F.E. Act Regulations

Apr 2 Apr 2 NMLS Number on Adverse Action Notice

Sep 29
Sep 29 NMLS Updates Policy Guidebook

Oct 21
Oct 21 NMLS Registration to Open Next Week

Sep 24
Sep 24 Federal Reserve Board Proposes Repeal of S.A.F.E. Act Regulations

Apr 2
Apr 2 NMLS Number on Adverse Action Notice