And you thought worrying about the SAFE Act was over! Just in time for Halloween, it is time to start thinking about staying SAFE by renewing your registration on the NMLS Federal Registry. In case you forgot, the SAFE Act requires Mortgage Loan Originators (MLOs) and institution account holders (your credit union) to renew their registrations annually between November 1st and December 31st.
There are some caveats to the renewal requirement that you will want to keep in mind, especially this year. First, the renewal requirement does not apply to those that registered for the first time after July 1st (but they will have to renew next year). Second, the renewal processing fee for MLOs are being waived this year as the fee was included in the initial registration processing fee. Unfortunately, the renewal fee has not been waived for institutions, so your credit union will still be required to pay a fee of $100.
As with the initial registration process, if you fail to renew your registration, you will not be allowed to originate mortgage loans. So, stay SAFE and renew…unless you want some rather nasty goblins looking for you!
For more information about the renewal process, visit the NMLS Resource Center.