NMLS Updates Resource Center: Encourages Public to Submit Comments on Proposed Changes; Responds to Public Comments

NMLS

On July 21, the Nationwide Mortgage Licensing System (NMLS) updated its resource center to encourage the public to submit further comments – via the Conference of State Bank Supervisors – on certain proposed changes to the Uniform NMLS Licensing Forms and the Mortgage Call Report. The proposed changes to the licensing forms include, but are not limited to: (i) adding a Filing Comment section to the Company Form (MU1) and the Branch Form (MU3); (ii) expanding the Business Activities section by adding “Reverse Mortgage Lending,” “Reverse Mortgage Brokering,” and “Reverse Mortgage Servicing” as available selections; (iii) expanding the Contact Employees section by adding “Annual/Call Report” as an available selection under Area(s) of Responsibility; and (iv) updating language in the Disclosure Questions section. If implemented, changes to the Mortgage Call Report (“MCR”) would include: (i) adding fields that allow for more accurate reporting on Qualified Mortgage standards; (ii) adding an upload option within the Loans Serviced section; and (iii) exploring the “development of a dynamic MCR based on a company’s business activities and license authority.” Comments on the proposals are due August 20.

Also on July 21, the NMLS posted to its resource center responses to the public’s comments regarding the Pre-Licensure Education Expiration Policy, Electronic Surety Bond Tracking, and the Uniform NMLS Licensing Forms and Mortgage Call Report. Feedback received on the initial proposed changes to the Licensing Forms and MCR prompted the additional comment period for the more targeted proposed changes described above.