Monthly Archives: May 2011

NMLS Offices Will Be Closed for Memorial Day


NMLS offices will be closed on Monday, May 30th in observance of Memorial Day.  Course providers who have course renewals due this month and who submit a renewal application after 3pm ET on May 27 should not expect to receive an invitation to upload their course content until Tuesday, May 31.  The NMLS staff wishes the entire provider community a safe and enjoyable holiday weekend.

NMLS Notice Regarding Compliance with the SAFE Act’s “Successive Years” Rule for CE Posted


The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires that state-licensed mortgage loan originators (MLOs) complete 8 hours of NMLS approved continuing education (CE) annually.  The SAFE Act also stipulates that a state-licensed MLO “may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.”  NMLS has interpreted the term “successive years” to mean two years in a row.

NMLS has undertaken a number of initiates, both administrative and technical, to ensure compliance with this provision of the SAFE Act which are outlined in a notice which has been posted in the course provider section of the NMLS Resource Center.  The document is under Notices and Examples and can be accessed via the following link: http://mortgage.nationwidelicensingsystem.org/courseprovider/Pages/Resources.aspx

Updated Reference Lists for Test Content Outlines


Course providers are advised that reference lists for the AZ, PA, and NH state components of the MLO SAFE Test have been updated.  These three and the content outlines for the national and each of the other state components are available in the NMLS Resource Center at: http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/TestContentOutline.aspx

Course Provider Renewal Webinar Scheduled


The biennial course provider renewal process gets underway beginning July 1 and we’re gearing up to assist providers get through the process.  Here are a few items to help prepare:

–          As noted previously, NMLS moved from a fixed biennial renewal period to monthly rolling renewals based upon the two-year anniversary month of the initial approval date.  This means the date listed on the Approved Provider List may be further out than the one listed on your initial approval letter.  Providers should use the date listed on the Approved Provider List which can be found here: http://mortgage.nationwidelicensingsystem.org/courseprovider/Documents/NMLS%20Approved%20Course%20Providers.pdf

–          As we have been doing with course renewals, you will be notified at least 30 days prior that your renewal period is approaching.

–          We will host a webinar on June 8th for the 50 providers who are up for renewal in July to go over the process and to answer questions.  Login details will be sent this week.

–          We will continue to host monthly webinars for providers who are coming due.  We’ll host a webinar in early July for those organizations that are scheduled for renewal in August.

–          All providers are reminded that effective July 1, the NMLS Approved Course Provider logo will no longer be authorized for use (see the May 4th Newsletter posting for details).

–          We will also begin to distribute the new approved course logos in mid-June.

–          The new comprehensive application form and a new user guide have been posted in the course provider section of the NMLS Resource Center.  The user guide provides step-by-step instructions for how to fill out the new application form and for how to go about completing the entire renewal process.

Updated Policies Pertaining to Provider Approval and Course Marketing Posted


The Mortgage Testing and Education Board (MTEB) approved changes to the Policy on Criteria for Granting Approval to Become an NMLS Approved Course Provider and the Policy on Business Arrangements, Reselling, and Marketing of NMLS Approved Courses. Both of these updated documents have been posted in the course provider section of the NMLS Resource Center under Policies and Processes.

The policy pertaining to criteria for granting approval to become an NMLS approved course provider applies to both initial and renewal approvals.  Changes are in two significant areas:

  1. Inclusion of language in Criteria 1 to better define a course provider and emphasis standard business capabilities; and to require that those organizations that maintain a web site to include on the site basic elements associated with good e-commerce such as displaying a business address, posting a privacy policy, and posting refund and course cancellation policies.  Course providers who are doing e-commerce are expected to have their web sites updated prior to submitting for renewal.
  2. The other change is a requirement for course providers to maintain approval status by working in good faith toward having a least once course approved by NMLS within sixty days of the initial course provider approval letter date and to maintain at least once course in an approved status.  The objective of this requirement is to address a concern that a number of providers have, over the past two years, received approval status but have never submitted a course for approval.

The Policy on Use of the NMLS Name in Course Marketing has been revised to become the Policy on Business Arrangements, Reselling, and Marketing of NMLS Approved CoursesChanges to this policy reflect comments that were submitted by the course provider community last November in response to a request for comments to begin marketing courses by the name and course ID number as approved by NMLS.  The objective is to address a long-standing student complaint that course names and ID numbers that a student sees on some marketing materials do not match those in the Master Course Catalog.

The document  also include specific definitions pertaining to various business agreements related to acquiring and licensing course content (including online courses), and articulates how various business arrangement can be structured to support course marketing efforts.  The objective of the language in this document is to maintain the integrity of the meaning “NMLS approved course provider” while also providing flexibility to market courses in a variety of ways.   Another significant change is that effective July 1 the “NMLS Approved” course provider logo will no longer be valid for use; the logo will be replaced by an approved course logo with the course number incorporated in it.  This is to address a concern that the current approved provider logo is being misused and place emphasis on approved courses instead of the provider.

Course Provider Renewal Documents Posted


The biennial course provider renewal process gets underway beginning July 1.  To assist providers to prepare for the process, a new comprehensive application form and a new user guide have been posted in the course provider section of the NMLS Resource Center.  The user guide provides step-by-step instructions for how to fill out the application form and go about completing the renewal process.  Additionally, the Approved Course Provider List has been updated to reflect every provider’s two year renewal month/year date.  Because NMLS moved from a fixed biennial renewal period to monthly rolling renewals based on the two-year anniversary month of the initial approval date, the date listed on the Approved Provider List may be further out than the one listed on the initial approval letter.  Providers should use the date listed on the Approved Provider List which can be found here: http://mortgage.nationwidelicensingsystem.org/courseprovider/Documents/NMLS%20Approved%20Course%20Providers.pdf