If you haven’t logged into NMLS recently, now is the time to do so. A new NMLS release on April 18 brought significant updates to the system for both company and individual licensees. Acting now to update your NMLS record will save potential headaches and delays during renewals.
If you aren’t familiar with the April release, it included changes to disclosure questions and employment history reporting for Mortgage Loan Originators (MLOs). While the updates primarily impact individuals, including MLOs, owners, officers, and branch managers, there are effects on company users.
To help licensees navigate the changes and act now, here is some specific information.
Company Users
Before you can submit a new company or branch filing, the MU2 individuals attached to that filing must complete the updated disclosure questions. Get in contact with your owners and officers now to set up a time when they can complete the disclosure questions. Don’t wait until you are trying to make a time-sensitive filing.
This next part is only for companies that manage MLOs. Go into NMLS now to update the relationship for each sponsored MLOs. The April release included new data fields to be completed by the company for all current and future relationships. The new fields are the individual’s position/title, work phone, and work email. With this new release, information from the relationship will populate the MLO’s employment history to ensure the information matches.
MLOs and Designated Broker Registrants
As individual licensees, you can complete the required updates to your record on your own. Log into NMLS, open your MU4 form and make the following updates to these two sections:
- Disclosure questions: Review and answer the updated disclosure questions.
- Employment history: Delete the previously self-reported entry for your current employer only. This update is needed because your current employer is now populated by your relationship.
The bottom line for all licensees – setting aside some time now to make the new filing(s) will save you time and potential challenges down the road. For more information about the changes to NMLS, visit the Release Notes page on the NMLS Resource Center.