Yesterday, Frank Garay and Brian Stevens over at the National Real Estate Post focused their show on the CFPB’s proposed Closing Disclosure; specifically the upcoming requirement to disclose it three business days before closing – and then RE-disclose and wait another three business days if there are changes exceeding $100. As we discussed in the CE classes at Real Estate Institute last year, there are A LOT of unintended consequences with this part of the proposed rule that would have a negative effect on consumers. It seems that a movement to change the requirement may be gaining some momentum in Washington. Just thought you might want to know – I’ll keep you posted with any updates as they happen. In the meantime…
P.S. For those of you who may not know what we’re talking about, I wrote an overview blog post on the proposed rule last year. You can find that blog by clicking here.
To view Frank and Brian’s show “Reps Call out CFPB,” click here.
Today, the Nationwide Mortgage Licensing System & Registry (NMLS) sent a reminder about mortgage loan originator license renewals. Most state regulators will prevent MLOs from submitting their renewal application if they have not completed their annual continuing education. Although course providers are encouraged to credit bank as soon as possible, many providers may take as long as SEVEN days to report a course completion. When selecting a CE course, ask the provider about its course reporting policy and when you should expect your credits to be banked with NMLS.
According to NMLS, it takes 24 hours for a course completion to be recognized in NMLS and for the system to recognize an MLO is eligible for renewal. MLOs are strongly encouraged not to wait until the last minute to complete their CE requirement.
NMLS has issued the following renewal guidelines:
- Smart Deadline: Courses reported to NMLS by Friday, December 21
- At Risk to Miss Renewal: Courses reported to NMLS by Friday, December 28
- Guaranteed to Miss Renewal: Courses reported to NMLS on Monday, December 31
Real Estate Institute offers NMLS-approved 8-hour SAFE Comprehensive CE courses. Choose a convenient format: Self-Paced Online, Live Class or Live Webinar. Course completions are reported within ONE business day.
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