Added by on 2012-05-01

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By Herman Thordsen, Esq.

You can expect to see changes to NMLS the next time you log into your record. NMLS recently underwent an upgrade that included changes to the MU forms and new functionality to handle disclosure explanations inside NMLS. In addition, the checklists that are provided as part of a new application or amendment were upgraded. These changes will impact you in the following ways:

Companies and Branches

The next time you log into NMLS to make a change to your record, you must complete any new or changed sections of the company or branch form. This includes completing the new business activity section, answering changed disclosure questions, providing an explanation in NMLS for any “yes” responses to disclosure questions, including existing “yes” answers, and uploading into NMLS applicable document(s) to support a disclosure explanation. Please Note: In order to complete a company or branch filing, all individuals (control people or branch managers) must complete the new individual form.

·        Even if you do not need to make a change to your company or branch, you are strongly encouraged to go into NMLS now and complete the new forms. All checklists for new applications and amendments are updated on NMLS and should be used immediately. Please replace any existing checklist you may have saved in your system with these new checklists.

Individuals

  • The next time you log into NMLS to make a change to your record, you must complete any new or changed sections of the Individual form. This includes answering new disclosure questions and providing an explanation in NMLS for any “yes” responses to disclosure questions, including existing “yes” answers, and uploading into NMLS applicable document(s) to support a disclosure explanation.
  • Even if you do not need to make a change to your individual form, you are encouraged to go into NMLS now and complete the new form The checklist for new applications and amendments are updated on NMLS and should be used immediately. Replace any existing checklist you may have saved in your system with these new checklists.

(Law Offices of Herman Thordsen, Santa Ana, CA, 714/662-4990, www.lendinglaw.com )

 

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