Reminder
Here is the anticipated schedule of changes with regard to handling license
applications and amendments:
January 4, 2010, through July 31, 2010
All applications for licenses or changes to existing Oregon licenses, other than the hire
or termination of a loan originator, must be made through the NMLS. Notification of the
hire or termination of a loan originator must be made on the existing paper forms or at
www.oregonimla.org.
After July 31, 2010
All applications for licenses, changes to licenses and loan originator notifications must
be made through the NMLS.
Please remember that all companies with a license that expires between
January 1, 201,0 and June 30, 2010, must apply for a license through the NMSLR by March
31, 2010. All companies with a license that expires at any time other than between January
1, 2010 and June 30, 2010 must transition their license onto the NSMLR by March 31, 2010.
| Important: The license application/registration
process in NMSLR is a multi-step process that requires coordination between the company
and its owners, officers, and experienced person. As a result, there are delays; often
of several days; between steps in the application/registration process. Once the system
is online, please allow plenty of time to complete the application/registration process.
We recommend beginning the process in January. At the very least, please begin no later
than March 1, 2010, to ensure sufficient time to complete the process. |
|
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The Nationwide Mortgage Licensing System & Registry has been designed to
streamline the licensing process, improve supervision and increase transparency in the mortgage
industry. NMLSR contains a single record for each mortgage lender, broker, branch and loan originator.
This single record can be used to apply for, amend and renew licenses in any participating jurisdiction.
For more, click here 
to see the Overview of the NMLSR .
SAFE Act
On
July 30, 2008, President Bush signed into law HR 3221 the Housing and Economic
Recovery Act of 2008. Title V of the bill (SAFE Act) impacts mortgage brokers
and loan originators. The SAFE Act requires that all mortgage brokers and loan
originators be licensed using the Nationwide Mortgage Licensing System & Registry
(NMLSR). If you would like to read Title V of the SAFE act, click
here (you will need to scroll down or use Ctrl + F to locate Title V).
HB 2189 which provides Oregon the authorization to enact the SAFE Act is working
its way through the Oregon legislature, you can find updates and tracking about HB 2189 on the
legislature’s web site at www.leg.state.or.us/bills_laws/.
Oregon's Timeline to Implement the Secure and
Fair Enforcement Act (S.A.F.E) updated 11/5/09
Education
Oregon’s Education Transition Plan
for the Secure and Fair Enforcement Act updated
11/5/09
The
Mortgage Lending Education Board is offering a series of free education days for
Oregon loan originators, part of which includes training on using the Nationwide
Mortgage Licensing System & Registry. The schedule of courses includes:
For more information about the courses or to register, please send inquiries
to questions@oregonmleb.com.
If
you are a course provider, click here
for news and updates.
To sign up for a webinar training
of how to use the NMLSR, click here .
Forms
Please click here
to view the forms you will be required to use when you join the NMLSR.
