Hopefully everyone made time to vote this morning because there is plenty of compliance work to get done while we wait for the election results to trickle in. A great compliance issue to work on today is the Mortgage Loan Originator (MLO) renewal. The renewal period began November 1 and runs through December 31, 2012. Both institutions and most individual MLOs that offer residential mortgages must renew their registration through the Nationwide Mortgage Licensing System & Registry (NMLS) site annually.
Don’t forget, the CFPB recently issued guidance to depository institutions regarding new requirements for reporting disciplinary actions taken against MLOs. On October 22, 2012, the NMLS site was upgraded, allowing individuals to meet these new requirements. For more information on reporting disciplinary actions, click here.
Happy Election Day!