NMLS Annual Renewal Period Now Open
Regulation G defines a covered financial institution as a bank or credit union that employs at least one mortgage loan originator. A mortgage loan originator, by definition, is an individual that both:
- Takes residential mortgage loan applications AND
- Offers or negotiates the terms of residential mortgage loans for compensation or gain.
During the renewal process, the credit union’s SAFE Act administrator should confirm that the following information is correct in the registry:
- Credit union name
- Main office address
- Contact information
- EIN number
- RSSD number
- Identification of their primary federal regulator
- Name and contact information of their primary point of contact for the registry
- Name and contact information of their SAFE Act administrator
An institution renewal guide is available from the NMLS here.
During the renewal process, each mortgage loan originator at the credit union should confirm the following information is correct in the registry:
- Identifying information (e.g., name, home address, Social Security number, date of birth)
- 10 years-worth of financial services-related employment history
- Any convictions of certain criminal offenses
- Any civil judicial actions against them brought in connection with their financial services-related employment
- Actions and/or final orders brought against them by a state or federal regulator
- Customer-initiated financial services-related arbitration brought against them
- Fingerprints (if more than three years old)
A loan originator renewal guide is available from the NMLS here.
InfoSight360 has additional information available on the SAFE Act – Registration of Mortgage Loan Originators channel. There is also a model policy available in CU PolicyPro (Policy 7301: Registration of Mortgage Loan Originators).