Regulatory Compliance
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SAFE Act Reminder!

This time of the year gets so busy. November and December are always busy because of the holidays, and for most credit unions, it is year end. With all those things going, I wanted to take the time to send out a reminder about the SAFE Act requirements for renewal.

You currently have 22 days left to renew your Mortgage Loan Originators (MLO) registration with the Nationwide Mortgage Licensing System (NMLS).  You will need to ensure that registrations are renewed by the December 31st deadline. If an MLO does not have their registration renewed by the deadline, their  registration becomes inactive and they cannot act as an MLO until they are registered with the NMLS System.

This is also a good time to refresh all MLOs on their requirements to use to the use of the unique identifier. The SAFE Act states that a registered MLO shall provide their unique identifier to a consumer:

  1. Upon request;
  2. Before acting as a mortgage loan originator; and
  3. Through the originator’s initial written communication with a consumer, if any, whether on paper or electronically.

Enjoy a wonderful holiday season!

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