Category Archives: nmls

04.04.13
by

Uniform State Test (UST) Prep Course for Mortgage Loan Originators

As of April 1, 2013, there is a test called the NMLS Uniform State Test or USTthat with a passing score, allows you to easily apply for your mortgage loan originator license in the 24 states accepting the UST? The 24 states are doing away with a “State-Specific” test and allowing licensure by passing the new 25 question UST. 

For only $69, Larson Educational Services will provide you with our NMLS Uniform State Test (UST) Prep Course:

*a 45 page PDF workbook crammed with testable information
*easy to read notes, terms, definitions and statutes
*two (2) online 25 question password-protected exams 
*full exam report showing your practice test scores and explanations for the correct answers
*each online exam can be taken 2 times
*Our online testing and tutoring system is designed for rapid learning to prepare you for success on the NMLS Uniform State Test (UST) 

 

Purchase from our website –http://www.larsoned.com/mortgageloanoriginator/nmls/uniform-state-test-ust-prep-course/

CONTENT OUTLINE
The exam will be based on the generic, broad guidelines established by the SAFE Act for the states to enact as a foundation for their statute creating process.

I.       Department of Financial Institutions or Mortgage Regulatory Commission

a. Regulatory authority
b. Responsibilities and limitations

II.     State Law and Regulation Definitions

III.    License Law and Regulation

a. Persons required to be licensed
b. Licensee qualifications and application process
c. Grounds for denying a license
d. License maintenance

IV.     Compliance

a. Prohibited conduct and practices
b. Required conduct
c. Advertising

FREQUENTLY ASKED QUESTIONS
Which 24 states are accepting the new Uniform State Test (UST)?
Click this link to view a map – http://freepdfhosting.com/a16a355834.pdf

What are the UST details?

*It costs $33
*It is 25 questions
*You have 45 minutes to complete the test
*The passing score is 75% (19 correct)

When can I take the UST?
The UST is available beginning on April 1, 2013.

If I fail the test the first time, how long must I wait to take it again?
If you do not pass the UST the first time, you must wait 30 days to retake it. If you fail it 2 times, you will then have to wait 180 days (6 months) before you can take it again.

What is the process to take the UST?

1. Log into the NMLS website and pay the $33 test fee.
2. Contact Prometric and schedule a test – http://www.prometric.com/NMLS or  877.671.6657.
3. PURCHASE and study the LarsonEd UST Exam Prep Course. –http://www.larsoned.com/mortgageloanoriginator/nmls/uniform-state-test-ust-prep-course/
4. PASS!

Will the UST replace ALL State Exams?
No, but it will replace the state tests in the 24 states accepting the UST. All other states will still require the passing of a State-Specific exam.

Questions? Call Larson Educational Services at (239) 344-7510.

Google

03.08.12
by

Mortgage Call Reports due for Florida Mortgage Brokers

IMPORTANT INFORMATION
Mortgage Call Reports

ALL…I repeat…ALL Florida licensed mortgage companies (Mortgage Brokers and Mortgage Lenders), MUST file a very important piece of financial information through the NMLS –

The Mortgage Call Report or MCR

The MCR is broken up into 2 components:
1.    the Residential Mortgage Loan Activity (RMLA) and 
2.    the Financial Condition (FC) 

Failure to submit the MCR will result in administrative fines of $1,000 and possible license revocation by the Florida Office of Financial Regulation (FLOFR).

Here are some FAQs regarding the Mortgage Call Report….

FREQUENTLY ASKED QUESTIONS

Who needs to submit the Mortgage Call Report (MCR)?
NMLS and the Florida Office of Financial Regulation (FLOFR) requires the following License holders to submit the MCR:
  • Mortgage Broker 
  • Mortgage Lender
  • Mortgage Lender Servicer
Individual Mortgage Loan Originators (MLOs) are not required to submit the MCR because the Mortgage Broker will file it for the whole company.
When does the Mortgage Call Report (MCR) need to be submitted?
The Standard Mortgage Call Report is broken up into 2 components: 
  1. the Residential Mortgage Loan Activity (RMLA) and 
  2. the Financial Condition (FC) 
The RMLA is due within 45 days of the end of every fiscal quarter. Most companies will have the following schedule:
  • Q1 data (January 1 – March 31) is due May 15
  • Q2 data (April 1 – June 30) is due August 14
  • Q3 data (July 1 – September 30) is due November 14
  • Q4 data (October 1 – December 31) is due February 14
The Financial Condition (FC) is due annually within 90 days of the company’s Fiscal Year End. For example, if the company’s Fiscal Year End was December 31, 2011 that means the FC is due by March 30, 2012 (22 days from now – no exceptions).
How do I submit the Mortgage Call Report?
The Mortgage Call Report (MCR) is submitted through the NMLS website. You must first log-in to your account and then go to the “Filing Tab” to begin. 
Here is a User Guide to see how to submit the RMLA – View User Guide
Here is a User Guide to see how to submit the FC – View User Guide
I have begun working on the Mortgage Call Report, but I am unsure how to categorize my business within the MCR?
NMLS has provided the following definitions when submitting the MCR:
Wholesale – Closed wholesale refers to loans that have legally binding agreements establishing a residential mortgage loan with an application taken by one party but funded by another
Broker –  Any fee collected in conjunction with brokering a loan not including pass through fees (i.e. Appraisal, credit report, flood cert., etc…)
Retail – Closed retail refers to loans that have legally binding agreements establishing a residential mortgage loan and have been originated/funded by the institution who took the application
Click this link – http://freepdfhosting.com/38e493252a.pdf – to view a detailed list of Glossary Terms and Definitions found on the MCR.
How can I contact the Nationwide Mortgage Licensing System (NMLS) with questions?
NMLS can be contacted at (240) 386-4444. If you have specific questions about the Mortgage Call Report, you can also send an email to NMLS at NMLSMCR@csbs.org
CLICK HERE to view more renewal requirements and other FAQs.


Brad Larson
General Manager
Larson Educational Services
1400 Colonial Blvd, Suite 44
Fort Myers, FL 33907
(239) 344-7510

Google

12.03.10
by

Deadline for MLO applications extended to December 15, 2010

The deadline for Florida Mortgage Loan Originators to submit their MU4 Application has been extended from November 30 to December 15, 2010.

View the notice provided by FAMP below:

“The Florida Office of Financial Regulation has recently been informed that the deadline for testing and education certification has been extended.

In order to be eligible for certification, an individual must successfully submit an MU4 application for a Florida loan originator license no later than December 15, 2010. If the individual qualifies for the certification, the Office of Financial Regulation will submit the necessary information to NMLS. The individual does not need to request that Florida certify to NMLS as this will happen automatically. Once NMLS has processed a certification file from Florida, a certification invoice is generated on each NMLS record and an e-mail is sent to the e-mail address on file with NMLS. Loan originators will not receive the benefits of certification until the NMLS invoice has been paid.

To qualify for education certification, an individual must hold an active mortgage broker license issued prior to October 1, 2010. To qualify for testing certification, an individual must hold an active mortgage broker license issued prior to October 1, 2010and passed the old Florida mortgage broker test on or after January 1, 2004.

The deadline to pay for a certification invoice is December 31, 2010. All outstanding certification invoices not paid by December 31, 2010 will be deleted by NMLS and the individual will not receive the benefits of certification.

In addition to the testing and education certification process, please remember to provide the Office of Financial Regulation information concerning the high school education requirement. You must provide the name of the high school and date the diploma or its equivalent was received. This information may be provided to the OFR by emailing them at flnmls@flofr.com.

More information about the license requirements can be found in the Florida jurisdiction specific documents located on the NMLS Resource Center website at http://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=FL

Individuals and companies that currently hold licenses issued prior to October 1, 2010 must file for a new license through NMLS and be in an “Pending – Review” status by December 31, 2010 or cease business. The jurisdiction specific documents explain in detail what is required to be in a “Pending – Review” status. “

If you have any further questions about the application itself, you can contact NMLS customer service at (240) 386-4444.

If you have questions about the licensing requirements, you can contact us at (239) 344-7510.

Larson Educational Services
1400 Colonial Blvd, Suite 44
Fort Myers, FL 33907
www.LarsonEd.com
Google