In the latest edition of the InfoSight newsletter, credit unions receive notification that the Nationwide Multistate Licensing System & Registry (NMLS) annual renewal period began Nov. 1 and ends Dec. 31. According to federal regulations, both institutions and most individual mortgage loan originators (MLOs) must be renewed through NMLS annually. If the renewal process is not completed prior to Dec. 31, the MLO is placed in an “Inactive” registration status both on NMLS and NMLS Consumer Access.
Inactive registrations must be reactivated in order to have an “active” registration status. NMLS requires a $30 processing fee for each MLO seeking to renew or reactivate a registration. MLOs who are submitted for renewal but did not complete renewal attestation prior to Dec. 31 need to be reactivated, incurring an additional $30 processing fee at the time of reactivation.
Read the full InfoSight newsletter here.