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Next Steps ActivityHow to Use This Document

Take notes on the course and discuss your agency’s specific licensing policies with your supervisor.Since the information provided in the Mortgage Licensing School is designed to teach you about general best practices in mortgage licensing and does not account for your agency’s specific practices, you must discuss with your supervisor to determine how your agency applies the concepts discussed in each course.In order to help guide your discussion with your supervisor and provide a place for you to record what you have learned from the course, this Next Steps Activity also provides a place for you to take general notes on the best practices described in each course.

Instructions Use the Table of Contents to navigate to

the section of the document associated with the course you are currently taking.

As you are taking the course, record any general notes you may have in the “General Notes (Optional)” section.

Throughout the course, there will be Next Steps that correspond to a section of this document that you must complete.

Record your notes on the best practices described for each Next Steps topic and use these when discussing the Next Step with your supervisor.

Record your notes from your discussion with your supervisor. Be sure to provide accurate, well-researched responses.

Save a copy of the document to your computer.

When you have completed all courses in the learning plan and completed the Next Steps activity, submit it, go to the final “Next Steps” course in the Learning Plan in the Learning Management System and submit your activity.

NOTE: Use the icons in the Learning Plan Legend below to determine the sections of the document that need to be completed for the Learning Plan in which you are enrolled.

Additional Information For information on how to complete and submit the Next Steps Activity, refer to the Next Steps

Quick Guide. Questions? Send an email to [email protected] .

1

mailto:[email protected]

https://mortgage.nationwidelicensingsystem.org/slr/Documents/Next%20Steps%20Quick%20Guide.pdf

https://mortgage.nationwidelicensingsystem.org/slr/Documents/Next%20Steps%20Quick%20Guide.pdf

https://www.csbstraining.org/lms

Next Steps Activity

TABLE OF CONTENTSHow to Use This DocumentHistory of LicensingNMLS, Licensing, and the State AgencyNMLS Account Management and System Navigation for Organization UsersNMLS Resource Center and SupportSAFE Act RequirementsWork List Management & AssignmentMLO License Applications – Industry PerspectiveRecord Access, Relationships, and SponsorshipLicense Item ManagementLicense StatusesReviewing MLO License ApplicationsReviewing a Criminal Background CheckReviewing a Credit ReportReviewing Individual AmendmentsTesting and Education InvestigationsAdverse and Final License StatusesUsing NMLS ReportsNMLS Consumer AccessLicense SurrenderNMLS Account Management and System Navigation for Account AdministratorsCompany License Applications – Industry PerspectiveReviewing Company License ApplicationsCompliance Management Oversight ResponsibilitiesBusiness PlansAuditsDedicated ResourcesRisk Management ProgramsCompliance Management SystemsBusiness Continuity and Disaster RecoveryBranch License Applications – Industry PerspectiveReviewing Branch License Applications

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Next Steps Activity

Reviewing Company/Branch AmendmentsAdvance Change NoticeRegulatory ActionsAgency Fee InvoicingCompany/Branch Renewal ProcessReviewing Company/Branch Renewal RequestsMLO Renewal ProcessReviewing MLO Renewal RequestsCompleting the Mortgage Call Report – Industry PerspectiveReviewing the MCR – Standard RMLAReviewing the MCR and Financial Statement – Standard Financial Condition and Financial StatementReviewing the MCR – Expanded RMLAReviewing the MCR and Financial Statement – Expanded Financial Condition and Financial Statement

3

Next Steps Activity

History of Licensing

Part Two: Pre-SAFE Act Licensing

Ask your supervisor if your agency was engaged in mortgage licensing prior to NMLS, and to what degree.

[Enter your notes on best practices from the course here, if applicable.]

[REQUIRED: Enter your notes from your discussion with your supervisor here.]

General Notes (Optional)

[Enter your general notes from the course here.]

Return to Table of Contents

4

Next Steps Activity

NMLS, Licensing, and the State Agency

Part Four: System Prioritization and Development Process

Speak to your supervisor about which conference calls and working groups you should be involved in and why. Some examples include: SRR Lawyers Committee, Mortgage

Call Report Working Group, Regulator Development Working Group (RDWG), Data Download Working Group.






5

Next Steps Activity

NMLS Account Management and System Navigation for Organization Users

Part One: Introduction

Speak to your supervisor to determine who your Account Administrators are.



Speak to your supervisor about the roles you will be or have been assigned. For those roles you do not have, speak with your supervisor to understand who has additional roles and what functions they support in NMLS (i.e., Once I complete a review do I

hand off to someone else to review, change the status, etc.). Also ask which notifications you may have been assigned to receive, and which Review Items you may

be assigned.






6

Next Steps Activity

NMLS Resource Center and Support

Part One: Regulator Resource Center

Speak to your supervisor to ensure you have access to the Regulator Resource Center. Ask which areas of the Resource Center your agency commonly uses. If you do not

have access to the Resource Center, find out why.






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Next Steps Activity

SAFE Act Requirements

Part Two: Education

Speak to your supervisor about your agency's state-specific PE requirements.



Speak to your supervisor about your agency's state-specific CE requirements.



Part Three: Testing

Speak to you supervisor to determine if your agency has adopted the Uniform State Test (UST). If not, why?



Part Five: Criminal Background Check

Speak to your supervisor about your agency's criminal standards to determine if there are additional requirements or if requirements are more stringent than the SAFE Act

standards.



Speak to your supervisor to determine if your agency requires state-specific background check in addition to a federal CBC. If you do require a state-specific

background check, why?

[Enter your notes on best practices from the course here, if applicable.]8

Next Steps Activity


Part Six: Financial Responsibility & Fitness

Speak to your supervisor to determine how your agency determines financial fitness. What are the credit report review standards used if any?



Part Seven: Mortgage Call Report

Speak to your supervisor to determine which of your agency’s license types are NOT required to complete the Mortgage Call Report. If there are any, ask why they are

exempt.






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Next Steps Activity

Work List Management & Assignment

Part Two: Agency Work List & Assignment vs My Work List vs Review Item Assignment

Have a discussion with your supervisor on how your agency uses the work lists. Specifically:

Does your agency use the wok list assignment feature in NMLS? Are you expected to assign work to yourself or other members of the agency? Which work list are you expected to work off of on a regular basis? When work is complete, what is typically done (i.e., mark item as complete, archive, do

not archive?)






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Next Steps Activity

MLO License Applications – Industry Perspective




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Next Steps Activity

Record Access, Relationships, and Sponsorship

Part Two: Required Information

Speak to your supervisor to determine your agency's sponsorship requirement for individual licensees.



Part Five: Regulator Perspective

Speak to your supervisor to determine if your agency allows multiple sponsorships per license. Why or why not?



Speak to your supervisor about your agency's process when reviewing and making a decision on a sponsorship request.



Speak to your supervisor about whether your agency allows for the use of the "Approved - Inactive" status for individual applicants without an active sponsor. If not,

why?




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Next Steps Activity



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Next Steps Activity

License Item Management

Part Two: System-set vs. Regulator-set License Items

Speak to your supervisor about the licensing deficiencies that may result in the creation of license items.



Part Three: Adding License Items

Speak to your supervisor to determine if your agency enters notes and uses the Regulator Log to track review process. If not, why?



Speak to your supervisor about whether your agency has standard license item language, and whether it includes contact information for the licensee should they

have questions. If not, what is the expectation for language used?



Speak to your supervisor about how your agency manages MU2/MU4 credit and CBC communication and what are your agencies best practices for communication of Credit

Report and CBC issues outside of the system.



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Next Steps Activity

Speak to your supervisor about your agency’s requirements for the handling of confidential information received from the applicant.



Speak to your supervisor about your agency's usage of the "Due Date" field when adding license items to track in the Reminder List. If your agency does use due dates, how do you determine the timeframe required for response? For example, do you use

a different due date depending on the severity of the license item? If you don’t use due dates, why not?



Part Four: Potential Impacts of Adding a License Item

Speak to your supervisor about your agency's work process for adding license items.



Part Five: Managing and Clearing License Items

Speak to your supervisor about your agency's method to follow-up and clear license items.






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Next Steps Activity

License Statuses

Part Three: Updating License Statuses

Speak to your supervisor about when your agency updates license status: As part of the application review process Ad hoc Using the Bulk License Status Update functionality



Part Four: Internal & External Notes, Dates

Speak to your supervisor about your agency's usage of Internal and External Notes when updating license statuses.



Ask your Supervisor when you should make an external note “private.”



Speak to your supervisor to identify whether your agency has any licenses that are currently transitioning to NMLS and how that process works.



Part Five: Adverse Statuses

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Next Steps Activity

Speak to your supervisor to determine your agency's process when dealing with revocations.



Part Nine: Conclusion

Speak to your supervisor to determine which license statuses your agency uses and when certain statuses are used (refer to the License Status Definitions document).






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https://extranet.csbs.org/NMLS/Regulators/Knowledge/Documents/License%20Status%20Definitions%20for%20Regulators.pdf

Next Steps Activity

Reviewing MLO License Applications

Part Two: MLO Application Review Process

Ask your supervisor to give you a high-level overview of your agency’s work process for reviewing a new application in NMLS.



Part Three: Submission of the Individual Form (MU4)

Discuss with your Supervisor to determine if any parts of the Individual Form are not required by your agency.



Discuss Sponsorship Status and how they are used with your supervisor.



If a regulatory action is attached to the applicant’s record, how do I manage this during the review process?



Speak with your supervisor about the “View Federal Information” user role and if this is something you need to have. Keep in mind that users assigned this role are subject to

NMLS Two-Factor Authentication.


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Next Steps Activity


Discuss your agency’s policies for incorrect license type applications with your Supervisor.



Ask your Supervisor how applications from non-US Citizens are processed. Is it different than for US Citizens? If so, how?



Speak to your Supervisor to determine how your agency handles the employment history section, simultaneous employers and the address listed in employment history.



Speak to your supervisor to determine your agency’s work location requirement.



Discuss with your Supervisor how your agency deals with separate businesses that may overlap.



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Next Steps Activity

Ask your Supervisor about the unique situations that may present themselves in the Disclosures and what documents your agency would normally expect to see. For

example, how does your agency handle disclosures about guilty pleas that occurred in a military court? Or, familiarize yourself by asking other regulators who deal with these

issues.



Speak to your supervisor to learn if your agency requires or allows individual document upload. If so, what document types and what specifically should be uploaded. If not, understand why your agency doesn’t require or allow individual document uploads.



Speak to your supervisor and determine which disclosure answers may require additional investigation or may prevent approval in your state.



Ask your supervisor if you are expected to review credit reports. If so, see the Reviewing a Credit Report course in the Resources. If not, gather an understanding the

proper credit report escalation chain within your agency.



Ask your supervisor if you are expected to review CBC results. If so, see the Reviewing a Criminal Background Check course in the Resources. If not, gather an understanding

the proper CBC escalation chain within your agency.


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Next Steps Activity


Part Six: License Application Decision

Ask your supervisor about the denial and revocation procedures, as well as the expected deadlines for turnaround review times, for your agency.






21

Next Steps Activity

Reviewing a Criminal Background Check

Part One: CBC Overview

Ask your supervisor and legal counsel about how your agency deals guilty pleas that are later vacated in favor of lesser charges.



Part Three: CBC Reports and System Email Notifications

If you will be responsible for reviewing CBC results, verify with your Account Administrator that you are assigned to receive the RAP Received for a Previously Cleared Individual email notification. What should you do when you receive it?



Part Six: Handling CHRI

Ask your Supervisor if there are any restrictions to accessing a CBC wirelessly.




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Next Steps Activity

Reviewing a Credit Report

Part Three: Credit Report Requirements

Review your state licensing checklist to determine what you require from licensees related to credit.



Part Six: Reviewing and Discussing Credit Report Content

If credit issues are identified, what documentation is required from the licensee? How do you communicate those requirements to the licensee? For example, do you include

"private notes" in the license item external note field?



Discuss with your supervisor what payment plans and documentation is acceptable for past due accounts, if any?



Ask your supervisor what your agency’s policies are with regard to foreclosures.



Speak to your supervisor about your agency's policies on outstanding student loans and child support violations.


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Next Steps Activity





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Next Steps Activity

Reviewing Individual Amendments

Part One: Amendments Overview

Speak to your supervisor about whether your agency charges for Individual amendments and what, if anything, is required outside of NMLS for Individual

amendments.



Speak to your supervisor about your agency’s process for handling MLO employment changes, especially the handling of sponsorship removals.



Discuss with your supervisor what document upload items are applicable in your state and what the requirements are for the following Individual Document Upload Types: Credit Report Explanations, Legal Name/Status Documentation, Memorandum of Tax

Certification, Verification of Experience, Personal Financial Statement and State Background Check Authorization.



Speak to your supervisor about what are the most common mistakes when filing an Individual (MU2/MU4) amendment.



Part Two: Amendments in the Work List

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Next Steps Activity

Speak to your supervisor about how your agency manages MLO amendments in the work list.






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Next Steps Activity

Testing and Education Investigations


Ask your supervisor to give you a high-level overview of your agency’s work process with regard to Testing and Education Investigations.



Part Six: Test Invalidation

Speak with your supervisor to determine the effects of a test invalidation on a licensee.



Speak with your supervisor about how your agency handles invalidated test results for both current licensees and applicants.



Speak with your supervisor about how your agency handles applicants or licensees with T&E Investigations.





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Next Steps Activity


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Next Steps Activity

Adverse and Final License Statuses

Part Two: Managing Surrender Requests

Speak to your supervisor to learn about how surrender requests affect corresponding branch licenses and MLO sponsorships and license statuses.



Part Three: Managing Withdrawal/Cancelation Requests

Speak with your supervisor to discuss agency-specific processes for these statuses (include a list).



Part Four: License Surrender/Withdrawal at Regulator Request

Speak to your supervisor to learn the proper usage of the “Terminated-Ordered to Surrender” and “Withdrawn-Application Abandoned” statuses.



Part Six: Denied and Revoked

Speak to your supervisor to learn the proper usage of the “Denied” and “Revoked” statuses.



Part Seven: Renewal Related Statuses

29

Next Steps Activity

Speak to your supervisor to learn about your agency’s renewal and reinstatement deadlines.






30

Next Steps Activity

Using NMLS Reports

Part One: Regulator Reports Overview

Speak with your supervisor to find out which report(s) your agency commonly runs, and for what purpose.






31

Next Steps Activity

NMLS Consumer Access




32

Next Steps Activity

License Surrender

Speak with your supervisor about reasons why your agency may not accept a surrender request.



Speak with your supervisor to discuss your agency-specific requirements regarding surrender requests.






33

Next Steps Activity

NMLS Account Management and System Navigation for Account Administrators


As an administrator it is important to be aware of the areas of NMLS your Organization Users have access to, especially who is able to access confidential information such as

credit and criminal background check results. Using the Admin tab, complete an inventory of the OUs who have access to the System to ensure access is still

necessary.



What type of two factor authentication credential does your agency use? Keeping your job responsibilities in mind, which credential option is going to be best for you?



Part Nine: Managing Work & Review Items

Meet with your supervisor to gain an understanding of how work is assigned in your agency.



Speak with your agency's other Account Admin(s) to discuss your agency's work list subscriptions.



34

Next Steps Activity

Part Eleven: Review Item Subscription

Gather an understanding of your agency's Advance Change Notice requirements. For example, do we require advance notice for a main address change for our Mortgage

Broker license type? If so, how much notice is required?



Part Twelve: Notification Subscription

Identify the notifications your agency is subscribed to and if specific users are assigned to receive them.






35

Next Steps Activity

Company License Applications – Industry Perspective




36

Next Steps Activity

Reviewing Company License Applications

Part Two: Reviewing the MU1

Speak with your supervisor about your agency's review process and expectations related to business activities and business plans.



Speak with your supervisor about what your agency considers (e.g. number of licenses, pending licenses, adverse statuses) when reviewing the License/Registration

Information.



Identify any home state licensure requirements for your agency.



Speak with your supervisor about agency requirements that may lead to a forced trade name.



Speak with your supervisor to determine if your agency limits the number of trade names or requires separate licensure for each trade name.


37

Next Steps Activity


Speak with your supervisors to determine if your agency requires a Resident/Registered Agent, and if not what is expected of the licensee to submit when

completing this section of the form. Identify any documentation required to be uploaded in support of this information.



Speak with your supervisor regarding any agency-specific requirements for company web addresses and reviewing these submissions.



Speak with your supervisor regarding any restrictions your agency places on company contacts.



Speak with your supervisor about any agency-specific requirements for books and records storage.



Speak with your supervisor to discuss the verification process for approval and designations, and if a "yes" answer to a shared space/non-financial business will affect

license approval.


[REQUIRED: Enter your notes from your discussion with your supervisor here.]38

Next Steps Activity

Speak with your supervisor to determine agency-specific requirements for the Bank Accounts section of the Company Form.



Speak with your supervisor to discuss agency-specific requirements related to legal status, and if your agency requires a stock symbol for publicly traded entities.



Speak with your supervisor regarding requirements for Affiliates/Subsidiaries, including any documentation required, as well as considerations when the controlling entity is a

financial institution.



Speak with your supervisor about agency-specific policies or guidelines related to disclosure questions and explanations.



Part Three: Components of the MU1 Associated with the MU2

Speak with your supervisor about agency requirements for Direct Owners/Executive Officers, including any CBC, Credit Report, or documentation requirements.



39

Next Steps Activity

Speak with your supervisor to understand any agency-specific requirements for individuals and entities listed within the Indirect Owner section, including CBC, Credit

Report, or documentation requirements.



Speak with your supervisor about agency requirements for Qualifying Individuals including any CBC, Credit Report, or documentation requirements.



Part Four: Document Uploads

Speak with your supervisor to identify the documentation required in association with a company license application, including which documents the agency requires within

or outside of NMLS.



Speak with your supervisor to determine what documents your agency allows to be uploaded through the Individual Document Upload functionality.



Part Five: Surety Bonds

40

Next Steps Activity

Speak to your supervisor to confirm if your agency will be impacted by electronic surety bond tracking. If it will be, identify which licenses require one bond that

provides coverage for both the MU1 and the MU3 locations, and determine how this will affect your review process.



Talk to your supervisor to find out what type of bond your agency requires and details about it such as it’s amount range, filing requirements, and the tail length of the bond.






41

Next Steps Activity

Compliance Management Oversight Responsibilities

Speak to your supervisor about your agency’s policies on Company Management Oversight Responsibilities with regard to licensing.






42

Next Steps Activity

Business Plans

Speak to your supervisor about your agency’s policies on Business Plans with regard to licensing.






43

Next Steps Activity

Audits

Speak to your supervisor about your agency’s policies on Audits with regard to licensing.






44

Next Steps Activity

Dedicated Resources

Speak to your supervisor about your agency’s policies on Dedicated Resources with regard to licensing.






45

Next Steps Activity

Risk Management Programs

Speak to your supervisor about your agency’s policies on Risk Management Programs with regard to licensing.






46

Next Steps Activity

Compliance Management Systems

Speak to your supervisor about your agency’s policies on Compliance Management Systems with regard to licensing.






47

Next Steps Activity

Business Continuity and Disaster Recovery

Speak to your supervisor about your agency’s policies on Business Continuity and Disaster Recovery with regard to licensing.






48

Next Steps Activity

Branch License Applications – Industry Perspective




49

Next Steps Activity

Reviewing Branch License Applications

Part Two: Conduct Branch License Application Review

Review the branch license types specific to your agency and their corresponding business activities.



Speak with your supervisor regarding your agency's commuting distance requirements, physical dwelling considerations, and policy on sharing of office spaces.



Speak with your supervisor to discuss any past experience requirements and, if applicable, verification process your agency may require regarding a branch manager.

Also, discuss your agency's credit and financial responsibility requirements for the branch manager.



Speak with your supervisor to discuss agency-specific requirements for "Yes" answers to the Operation Information section.



Speak with your supervisor to determine whether your agency allows for net branching, and what actions/review may be necessary if so.


50

Next Steps Activity


Speak with your supervisor regarding your agency's specific requirements for document uploads.



Part Three: Effect of License Status & License Items

Speak with your supervisor to determine if your agency elects to use the Prevent Renewal and Bulk License Status Update functionality.



Speak with your supervisor about how your agency handles the communication of CBC results with MU2 individuals.






51

Next Steps Activity

Reviewing Company/Branch Amendments

Part One: Understanding Amendments and Amendment Checklists

Speak with your supervisor about whether your agency charges for amendments and what, if anything, is required outside of NMLS for amendments.



Part Two: Best Practices for Reviewing Amendments

Speak with your supervisor about how your agency handles a change in EIN number for a licensee.



Speak with your supervisor about the amendment categories and any agency-specific requirements or review criteria.

Business Activities [Enter your notes on best practices from the course here, if applicable.]


Identifying Information



Other Trade Names


[REQUIRED: Enter your notes from your discussion with your supervisor here.]Resident/

Registered Agent [Enter your notes on best practices from the course here, if applicable.]


52

Next Steps Activity

Web Addresses [Enter your notes on best practices from the course here, if applicable.]


Contact Employees


[REQUIRED: Enter your notes from your discussion with your supervisor here.]Books and Records

Information


[REQUIRED: Enter your notes from your discussion with your supervisor here.]Approvals and Designations [Enter your notes on best practices from the course here, if applicable.]

[REQUIRED: Enter your notes from your discussion with your supervisor here.]Bank Account Information [Enter your notes on best practices from the course here, if applicable.]


Legal Status [Enter your notes on best practices from the course here, if applicable.]


Affiliates/Subsidiaries



Disclosure Questions


[REQUIRED: Enter your notes from your discussion with your supervisor here.]Disclosure

Explanations [Enter your notes on best practices from the course here, if applicable.]


Direct Owners [Enter your notes on best practices from the course here, if applicable.]


Indirect Owners [Enter your notes on best practices from the course here, if applicable.]


53

Next Steps Activity

Qualifying Individuals [Enter your notes on best practices from the course here, if applicable.]


Document Uploads



Financial Institutions



Financial Statement



Speak with your supervisor about the most common mistakes the agency finds when entities file an MU1/MU3 amendment.



Part Three: Processing Amendments in the Work List

Speak with your supervisor about how your agency manages company and branch amendments in the work list, including use of marking the work items complete and/or

archived.






54

Next Steps Activity

Advance Change Notice


What change types have document upload requirements?



Part Three: Viewing and Managing Submitted ACNs

Speak to your supervisor to gain an understanding of how your agency manages ACNs. Do you have a notice requirement for all change types? Which ACN statuses are

commonly used? If you manage ACNs on NMLS and need to communicate an issue is this accomplished through the ACN status, creation of a License Item, sending communication outside of

NMLS?






55

Next Steps Activity

Regulatory Actions


Does your agency post regulatory actions? If yes, gain an understanding as to which department within your agency posts these actions (i.e. Legal, Enforcement, Licensing,

etc.). Some agencies decided to post actions moving forward from the date the functionality was available (October 24, 2011), while others posted actions moving forward, but also

decided to post actions dating back 5,10, 15 years for historical purposes. Find out your agency’s stance on this topic.

If your agency posts regulatory actions, do you post all actions? For example, do you only post actions against companies or MLOs? Determine which actions are posted and

how (public or private).



Find out which privacy levels your agency commonly uses and for what purpose. By statute can you utilize the All Regulators privacy level?






56

Next Steps Activity

Agency Fee Invoicing

Part Three: Batch UploadIf your agency uses AFI:

If your agency uses AFI:Find out which methods are commonly used (single invoice vs batch) and for what

purpose. Discuss if there are any other fees collected outside the System that could be charged

through use of AFI. If your agency does not use AFI:

Identify ways your agency could utilize this feature in place of your existing process outside the System.

How would you use the single invoice option vs the batch upload invoicing?






57

Next Steps Activity

Company/Branch Renewal Process




58

Next Steps Activity

Reviewing Company/Branch Renewal Requests

*Next Steps with an * are also in the Reviewing MLO Renewal Requests Course

What is your renewal period?*



What is your renewal process?*



What are your agency-specific renewal requirements and fees?*



How does your agency use annual background checks with regard to renewal?*



What are your agency’s credit/financial responsibility requirements?*



Would the Renewal Rejected status apply?*


59

Next Steps Activity


Does your agency allow licensees to continue to conduct business if the renewal request is in a “Renewal Requested” status at the end of the renewal period?*



What events would require you to use the Prevent Renewal feature?*



How does your agency use the available reports in the renewal process?*



Does your agency participate in reinstatement and Bulk Termination?*



Who is responsible for Bulk Termination, and how is it done?*



60

Next Steps Activity

How does your agency handle renewal requests that have been placed in an On Hold status?*



Does your agency collect late renewal fees? If so, how?*



How are licenses in a Failed to Renew status managed in NMLS?*



What is your reinstatement period?*



What will happen if licensees fail to request renewal?*



Does your agency collect reinstatement fees? If so, how?*



61

Next Steps Activity

Are there any differences between your agency’s credit/financial responsibility requirements for control individuals and branch managers vs. individuals?



Does your agency have any perpetual license types managed through NMLS?






62

Next Steps Activity

MLO Renewal Process




63

Next Steps Activity

Reviewing MLO Renewal Requests

*Next Steps with an * are also in the Reviewing Company/Branch Renewal Requests Course

What is your renewal period?*



What is your renewal process?*



What are your agency-specific renewal requirements and fees?*



How does your agency use annual background checks with regard to renewal?*



What are your agency’s credit/financial responsibility requirements?*



Would the Renewal Rejected status apply?*


64

Next Steps Activity


Does your agency allow licensees to continue to conduct business if the renewal request is in a “Renewal Requested” status at the end of the renewal period?*



What events would require you to use the Prevent Renewal feature?*



How does your agency use the available reports in the renewal process?*



Does your agency participate in reinstatement and Bulk Termination?*



Who is responsible for Bulk Termination, and how is it done?*



65

Next Steps Activity

How does your agency handle renewal requests that have been placed in an On Hold status?*



Does your agency collect late renewal fees? If so, how?*



How are licenses in a Failed to Renew status managed in NMLS?*



What is your reinstatement period?*



What will happen if licensees fail to request renewal?*



Does your agency collect reinstatement fees? If so, how?*



66

Next Steps Activity

What are your CE requirements?



What are your agency’s renewal requirements regarding Credit Report Flags?






67

Next Steps Activity

Completing the Mortgage Call Report – Industry Perspective




68

Next Steps Activity

Reviewing the MCR – Standard RMLA

Next Steps will accompany course when available.


69

Next Steps Activity

Reviewing the MCR and Financial Statement – Standard Financial Condition and Financial Statement



70

Next Steps Activity

Reviewing the MCR – Expanded RMLA



71

Next Steps Activity

Reviewing the MCR and Financial Statement – Expanded Financial Condition and Financial Statement



72