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SAFE Act MLO Registration Renewal Period Starts November 1

It’s that time again. The NMLS 2020 Annual Renewal Period will begin November 1 and end December 31. Companies and individuals can prepare by making sure the information on their NMLS record is up to date. During this time, companies can complete their annual attestation that their record is up to date, pay their NMLS processing fee, and submit and pay for any renewal requests required by their regulator(s).

For details about the renewal process, see the Annual Renewal section on the NMLS website. And if you need any help navigating the process, webinars recorded last year are available on their site for training.

Also, this renewal period is an opportune time to make sure your MLOs have fully completed their registrations, including any “other names” or “legal names” which may be different than how your MLO originally registered. Recent TCA reviews have shown lenders using a shortened name or nickname, such as “C. John Doe” or “Cameron J. Doe” on Bank documents and communications and even advertising, but the lender is registered on the NMLS as “Johnathon Doe.” A search of the NMLS for “C. John Doe” returns no hits so it appears your lender is not registered. The MLO can add “other names” on the NMLS site. Nicknames can also cause issues, such as “Elizabeth Smith” being registered but going by “Becky Smith” on all communications. “Becky” cannot be found.

According to federal regulations, all institution accounts must be renewed on an annual basis, regardless of when the institution’s account was created. If a licensee fails to complete the renewal process during this period, a late fee may be incurred and could result in termination of his/her license.

For more information, go to the NMLS website and look for information on the Federal renewal process requirements under Annual Renewal.

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