The National Mortgage Licensing System & Registry (NMLS) has published an online handbook to guide institutions and their mortgage loan originators (MLOs) through the SAFE Act annual renewal process.
The renewal period began on Nov. 1, 2011, and ends Dec. 31, 2011.
Some handbook highlights:
• MLOs. Those who registered before July 1, 2011, must renew their registration by Dec. 31 of this year to keep their status active in the system for 2012.
There’s no MLO registration fee this time around. MLOs who initially registered after July 1, 2011, aren’t required to renew their registration by the end of this year.
They must, however, renew it in subsequent years.
• Institutions. You must renew your NMLS institution account annually, regardless of when you created it.
Each credit union is responsible for renewing its registration as well as those of its MLOs eligible for registration. There’s $100 fee for a financial institution to renew its registration, and this must be done before you can renew MLO registrations.
Institutions that fail to renew by Dec. 31 will be listed on the NMLS as ineligible to originate mortgages.
• Two-factor authentication subscription. You also must renew your online authentication subscription annually from the date you initially obtained your credential.
This is separate from the renewal of the registrations in the NMLS. The fee is $55.
Credit unions will receive email notices via their NMLS account administrators 30 days prior indicating their subscriptions are due.
Additionally, users will see a notification each time they log into the NMLS within that 30-day timeframe reminding them to renew. You can pay your subscription directly via the account administrator/institution user.
Find the NMLS Annual Renewal Handbook here.