Q & A: New NMLS Registration Rules

Q: I am a broker and I just received my NMLS. Do I have to accrue the education credits before the end of 2011?

A: Yes. It is our understanding that you will need eight (8) units to apply for the renewal of your NMLS registration effective January 1, 2012.

The prerequisites required to obtain the initial NMLS registration expire at the end of the first year.

Q: On the report for NMLS, do non-NMLS loans count?

A: Yes. The annual report that is required to be filed with the DRE covers everything the mortgage broker does.

The report may be consolidated with the threshold report required pursuant to Business and Professions Code Section 10232.2. (Business and Professions Code Section 10166.07).

The report to be filed with the NMLS focuses on the “condition” of the MLO.

The form and contents of the annual report is subject to the direction of the Fed and may be learned by going to http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx.

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