Did You Know? NMLS Release 2017.2

Ballard Spahr LLP

Ballard Spahr LLP

NMLS Release 2017.2 will include the following updates, including, but not limited to, the following:

  • Addition of the “Returned to Surety by Regulator” functionality
  • Updates to the MSB Call Report
  • Updates to the Electronic Surety Bonds (ESB)
  • System Maintenance Updates

More information can be found here.

The release date is scheduled for June 19, 2017. 

Iowa Adopts Licensing Provisions Regarding MLOs

The Iowa Department of Commerce, Division of Banking, has adopted licensing provisions for mortgage loan originators, including, but not limited to, the following:

  • The term “nationwide multistate licensing system” or “NMLS” will be used in place of “nationwide mortgage licensing system and registry” or “NMLS&R.”
  • An applicant for MLO licensing must now provide fingerprints through NMLS.
  • An individual who has completed 20 hours of prelicensure education pursuant to 12 U.S.C. 5104(c) must retake 20 hours of prelicensure education in order to be eligible for mortgage loan originator licensure if the individual fails to acquire a valid state license or federal registration as a mortgage loan originator within three years from the date of federal compliance with 12 U.S.C. 5104(c); or fails to acquire a valid state license or federal registration as a mortgage loan originator within three years from the last date of licensure or registration as a mortgage loan originator.

These provisions are effective on July 1, 2017.

Minnesota Adds Motor Vehicle Sales Finance & Insurance Premium Finance License to NMLS

Effective June 1, 2017, the Minnesota Department of Commerce Motor Vehicle Sales Finance License and Insurance Premium Finance License can be filed on NMLS. The state licensing requirements can be found here.

South Carolina Will Adopt SAFE MLO Test

The South Carolina Department of Consumer Affairs and the Board of Financial Institutions will adopt the National State MLO Test Component with Uniform State Content on September 16, 2017, becoming the 55th and 56th agencies to adopt the Uniform State Test (UST).  Thus, these agencies will no longer require MLOs seeking licensure to take a second state-specific test component.

More information about the UST can be found here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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