Monthly Archives: July 2013

Payment Processing Through EMS Is Back Up

The credit card payment processor in the EMS is back up. Course providers are now able to pay credit banking, course application, or renewal fees using a credit card.

Credit Card Payment Processing through the EMS is Down

We have been notified that the credit card payment processor in the EMS is down. Course providers are not able to pay credit banking, course application, or renewal fees using a credit card at this time; ACH payments can be processed.   We will post an update when the credit card payment processor is back up.

MLOs Not Yet Compliant for 2013 CE Notified

Course provider should are advised that on July 15, NMLS placed a license item on the records of MLOs who have not yet completed CE this year.  Some MLOs are confusing the license item thinking it applies to last year’s CE requirement.

MLOs should be advised that as a condition for license renewal, an MLO is required to complete at least eight (8) hours of CE in the same year in which he/she is placed in an approved license status by a state agency.  Education that was complete in 2012 was for the 2013 license; education must be completed in 2013 for the 2014 license.

2013 CE Deadlines*

SMART Deadline: Friday, December 20
At-Risk-to- Miss Renewal Deadline: Friday, December 27
Guaranteed to Miss Renewal Deadline: Tuesday, December 31

*Unless an agency has an earlier deadline. See the state-specific education charts for details.

CFPB Finalizes April Clarifications to Mortgage Rules

The Consumer Financial Protection Bureau (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules Wednesday.  The clarifications were first proposed in April 2013 and reflect the Bureau’s commitment to facilitating implementation in order to better protect consumers.  Read more

Education Notice Posted for Texas Department of Savings and Mortgage Lending New Pre-Licensure Education Requirements Effective October 1, 2013

The Texas Department of Savings and Mortgage Lending (TX-SML) has notified NMLS of a change to its pre-licensure education requirements.   Effective October 1, 2013, individuals seeking licensure with TX-SML will be required to complete three (3) hours of TX-SML-specific education.  The new pre-licensure education requirements are as follows:

3 hours of Federal Law;
3 hours of Ethics (must include fraud, consumer protection, and fair lending issues);
2 hours lending standards for Non-Traditional mortgage products;
12 hours of General Electives
3 hours of TX-SML Defined Electives
Total = 23 hours

NMLS has posted an Education Notice explaining in detail the new education requirements.   Course providers intending to offer a course to meet the new requirements need to pay close attention to the content requirements and reference list contained in the education notice.  The notice may be found on the course provider section of the NMLS Resource Center under the section Important Policy Information.

State-Specific Education Charts Updated

The State-Specific PE and CE Education charts have been updated to reflect changes that went into effect July 1.  NE, TN, and VT have new requirements for PE, and there are changes in HI to both PE and CE.  Additionally, the CA-DRE is now the Bureau of Real Estate (CA-BRE) and CA-DOC is now the Department of Business Oversight (CA-DBO).

The updated education charts are available on the education pages of the NMLS Resource Center at: