Monthly Archives: September 2013

NMLS to Remain Open if Federal Government Shuts Down

As many are aware, congress has not yet passed a budget for the upcoming fiscal year and there is a threat of a government shutdown effective October 1.  NMLS is not a federal government agency, so if there is a shutdown of the government NMLS will remain open.  The NMLS call center and test centers will also remain open.

Education Notice Posted for Missouri Department of Finance CE Requirements Effective January 1, 2014

The Missouri Department of Finance (MO-DOF) has notified NMLS of a change to its continuing education requirements.   Effective January 1, 2014, individuals seeking licensure with MO-DOF will be required to complete one (1) hour of MO-DOF specific education.  The new CE education requirements are as follows:

3 hours of Federal Law;
2 hours of Ethics (must include fraud, consumer protection, and fair lending issues);
2 hours lending standards for Non-Traditional mortgage products;
1 hour of MO-DOF Elective
Total = 8 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.

CFPB Finalizes Modifications to Mortgage Rules

On Friday, the Consumer Financial Protection Bureau (CFPB) finalized amendments and clarifications to its January 2013 mortgage rules in order to help industry comply and to better protect consumers.  Among these rules, the Ability-to-Repay rule requires lenders to make a reasonable, good-faith determination that prospective borrowers have the ability to repay their loans.  The adjustments made Friday answer questions identified during the implementation process.  Read more

Effective October 21, 2013 NMLS Will Implement a Service Fee of 2.5% for Any Fee Paid By Credit Card

Beginning October 21, 2013 any NMLS fee paid by a credit card will be charged a service fee of 2.5%.  This service fee extends to any fee paid through the Education Management System (EMS) to include course approvals and credit banking fees.  Any licensee, registrant, or course provider choosing to pay by ACH will see no change to their payments.  Licensees, registrants, and course providers paying by credit card will have a service fee of 2.5 percent of total charges added to their payment amount.

In an effort to make using ACH easier, course providers will be able to update their EMS account profiles to set-up payment preference methods so that credit card and/or ACH account information will not have to be manually input every time a payment is required.  This functionality will be made available the week of September 16.

Any questions regarding the service fee or for how to update an EMS account profile should be directed to Rich Madison ( ) or Alan Ridenour (

Notice Detailing Acceptance of Late CE Courses for 2014 Catalog Posted

NMLS has posted an updated notice regarding Late CE courses for the new catalog that will be posted on January 2, 2014.   As a reminder, Late CE courses are those courses that an MLO is required to complete to make-up a previous year’s CE requirement.  The upcoming catalog will satisfy outstanding CE requirements for years 2010, 2011, 2012 and 2013.  Courses considered for the Late CE catalog are required to be a duplicate of previously approved courses which have a specific course number and offering set-up so that credit is retroactively applied to a previous year.

As a result of the new EMS launch this past June, NMLS has made changes regarding the administration of Late CE and the number and types of courses that will be included in the upcoming catalog.  A notice detailing the changes and other requirements has been posted in the policy section on the course provider page of the NMLS Resource Center at:   Course providers seeking to participate in the Late CE catalog are required to meet the deadlines and other criteria as detailed out in the notice.  Questions regarding Late CE courses are to be directed to Jessica Ayton (