The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires annual renewal though NMLS for most individual mortgage loan originators (MLOs) and institutions that offer residential mortgages. The SAFE Act has the following conditions:

► MLOs don’t have to renew during this period if their initial registration occurred less than six months prior to the end of the renewal period. They will have to update their registration at this time if any of the information they initially submitted to the Registry changed. Check registration status on the NMLS Registry Resources website.

► Institutions must renew all NMLS institution accounts annually, regardless of the account’s creation date.

MLOs that don’t complete the renewal process by Dec. 31 will have an “inactive” registration status on both NMLS and NMLS Consumer Access. To return to “active” registration status, inactive registrations must reactivate.

Credit unions must renew their Verisign authentication subscription annually from the date they initially obtained their credentials.

This is separate from renewing registrations in NMLS. Credit unions should receive an email notice via their NMLS account administrators (and any other institution users) 30 days prior to when the subscription is coming due.

Direct questions to the NMLS call center at 240-386-4444. It’s open during this renewal period from 9 a.m. to 7 p.m. EST.

Also, don’t forget the SAFE Act requires independent testing, “at least annually” of a credit union’s policies and procedures for complying with the act and its implementing regulations. Credit union personnel or outside parties may conduct the testing.

For more information, see “Safe Act audit deadline approaching” (CU Mag 9/12, p. 60), or visit CUNA’s e-Guide to Federal Laws and Regulations (cuna.org and select “regulations & compliance”).