Just a quick reminder that updated MU2 and MU4 application forms have been implemented in the NMLS. States have begun to add an “UPDATE RECORD” license item to your NMLS record that must be cleared before you can renew. Your regulators are either suggesting or requiring that these updates be completed by August 1, 2012.
WHAT YOU NEED TO DO:
1) Log-in to NMLS and click the “Composite View” tab. Then click “View Individual” and “View License/Registration List.”
2) If you have license items that require action, there will be a number other than zero in the “License Items” column. Click the number and you will be shown which items have been placed on your record.
3) If you see the UPDATE RECORD license item, follow the instructions available from the NMLS on what needs to be updated. Instructions for updating an individual record can be found here. Submit the filing and get on with your day; the amount of time required is minimal, so why not do it now while it’s fresh in your mind?
ALL state-licensed MLOs must do this in order to renew. You must complete these steps even if you are holding an “Approved/Inactive” license and wish to maintain that status for 2013.
COMPANY AND BRANCH LICENSES
The MU1 and MU3 forms have also been updated. If you are a company owner/branch manager/compliance manager and are responsible for maintaining your company or branch license, you will need to follow the instructions contained in the “Company Filing Form” found here.
Updating your NMLS record is just one important step toward successful renewal. Here’s another: Continuing Education. Your ALL-NEW 2012 CE course is almost ready, and this course is worth waiting for! We’ll provide essential knowledge covering the CFPB’s updated compensation proposals, Bank Secrecy Act, fair lending, credit scoring and much MORE. Contact us at 800-995-1700 for updates or visit http://www.instituteonline.com/NMLS-Approved-Continuing-Education.asp