The federal agencies (NCUA, Comptroller of the Currency, Federal Reserve System, FDIC, Office of Thrift Supervision and Farm Credit Administration) have announced that the NMLS registration system for residential mortgage loan originators (MLOs) will be operational on January 31, 2011. The Federal Registration website, http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx, provides valuable information for federally regulated lenders whose MLOs will have to be registered. The Federal Registration website contains step-by-step instructions (including training) for the registration of MLOs.
The fees for Federal Registration are as follows:
(Form MU1R Filing)
(Form MU4R Filing) for 2011
(Form MU4R Filing) for 2012 and subsequent years
|$30 if registration occurs in January to June.
$60 if registration occurs in July to December.
|$30($0 if registration occurred in July to December of same year.)||$30||n/a|
Once the NMLS system is operational, federally regulated lenders (including federal and state chartered credit unions) will have 180 days to register those employees who are MLOs.
After the initial 180 day registration period expires, MLOs will be prohibited from originating residential mortgage loans until they successfully complete the federal registration process. MLOs who originate 5 or fewer mortgage loans during the previous 12 months are not required to register with the NMLS.
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