SAFE Act: Ongoing Updates & Renewals

The SAFE Act requires Mortgage Loan Originators (MLOs) to be licensed and registered. That includes both an initial registration and updates/renewals for any existing registrations. It’s important to note that if there are changes to certain Nationwide Mortgage Licensing System (NMLS) registry information such as the MLO’s name, their current employment status and/or actions or orders against them, this information must be updated within 30 days of it becoming inaccurate. Changes to other types of information can just wait until the annual renewal period.

Jerod explains more in the video.


Lending Resources!

Video Highlights:

  • Certain NMLS Registry information must be updated within 30 days of becoming inaccurate.
  • The annual renewal period for MLOs registrations is November 1 to December 31 each year.
  • Your Human Resources department should ensure that the person responsible for SAFE Act in your institution is aware of any name updates, location changes, etc., for MLOs.

Published
2023/11/17

 
Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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