Industry Perspective on NMLS

Industry Resources

• License Checklists

• Quick Guides

• NMLS News and Agency News

• www.nmls.org

NMLS Resource Center

• Assist with system navigation

• Help locate license requirements and NMLS resources

• 1-855-NMLS-123 (1-855-665-7123)

NMLS Call Center

State Licensing Requirements

Checklists

What?

NMLS Checklists are license-specific AND situation-

specific requirements documents that communicate to the

licensee/applicant what they need to complete via NMLS or

what they need to complete outside of NMLS to give their

state regulator the information they require.

Why?

What NMLS can enforce applicants/ licensees to

provide

What the Checklists

ask the applicants/ licensees to

provide

Complete Information

forRegulator

Who?

• Checklists are created and managed by the state agency

(with SRR’s help)

• Posted on the State Licensing page of the NMLS

Resource Center for applicants and licensees to access

• Each agency using NMLS has their own State License

Requirement page where their checklists can be found -

SC State Licensing Requirement Page

When?

Surrender

Requirements that need to be completed when a licensee wishes to surrender their license.

Amendment

Requirements that need to be completed when a licensee is making a change to their record.

New Application OR Transition to NMLS

Requirements that need to be completed when a new application is being submitted OR when an existing licensee transitioning their existing license to NMLS.

How?• General Information: Instructions, resources, contact Information

• License Fees: Fees to be paid related to the situation

• Requirements Completed In NMLS: Items/information that need to be

entered or completed via the NMLS Form submission

• Requirements/Documents Uploaded in NMLS: Items uploaded into the

Document Upload section of the Company Form (MU1)

• Requirements Submitted Outside of NMLS: Items information that must be

completed outside of NMLS and/or sent directly to the agency.

Note: The Amendment Checklist is organized by the change that is occurring, i.e.

Change of Legal Name, Change of Main Address. Each section identifies fees to be paid

and items that need to be completed inside and outside of NMLS.

Checklist Sections

QUESTIONS?

NMLS Application Process

• Industry initiates the transition or new application process

• Company Form (MU1) pertains to the entity

• All control persons and executive officers will complete an

Individual Form (MU2)

Company Requests NMLS Account

Company Completes &

Submits Company Form (MU1)

Regulator Reviews & Approves Transition or

New Application

Transition or New Application Approved

Industry Forms

• Company Form (MU1)

• Company specific information

• Individual Form (MU2)

• Biographical information for control persons

• Such as, Direct Owners, Executive Officers, Qualifying Individuals

& Indirect Owners

Company Form (MU1)

Individual Form (MU2)

Direct Owner

Individual Form (MU2)

Indirect Owner

Individual Form (MU2)

Executive Officers

Demonstration• Completing Industry Forms

https://training.statemortgageregistry.com/

Launch Online Demo

QUESTIONS?

Industry Resources

• South Carolina NMLS License Checklists

• NMLS Policy Guidebook

• Document Upload Descriptions and Examples

• NMLS Forms – Required Fields Quick Reference

• Financial Statement Requirements Chart

• Advance Change Notice Requirements Chart

QUESTIONS?