NMLS has posted for comment a draft copy of the updated functional specification for all course formats in the course approval section of the NMLS Resource Center. As previously mentioned, we are sensitive to the fact that when we make changes to the functional specifications it has an impact on the provider community since changes have to be made to courses that are either in development or have been previously approved (since they need to be brought into compliance). To try and make this process easier, all three previous specifications have been consolidated into one document and we’re moving to an annual update cycle. What this means is that barring any unforeseen circumstance, we intend to only release updates to the functional specification in October with an effective date of January. This timeframe was chosen since we’ve observed that most providers make changes to their courses in the first and second quarters of each calendar year to ensure courses are approved and ready in time for the licensing renewal period which begins to pick up pace in the third quarter and reaches its peak in the fourth quarter.
The reason for making changes to the functional specifications is to provide more specific details/clarifications about how courses are to be configured, and in some cases, to address questions/concerns raised by the industry, regulators, and the course provider community. As previously stated, the document posted in the resource center is a draft document. Course providers are invited to submit constructive comments, questions, and/or recommendations to Rich Madison, Sr. Director, Mortgage Education (email@example.com) by October 28.