What are the timeframes for compliance with the new mortgage loan originator license requirements?
A. Chapter 44 basically divides mortgage loan originators into two classes: those who had a license as of July 31, 2009, and those who obtained a license after July 31, 2009. Anyone who had a license as of July 31, 2009 have varying deadlines to fulfill all licensing requirements of the amended Chapter 255F, including pre-license education and testing, submission of fingerprints for a national criminal background check, and the authorization for the NMLS to pull a credit report (information on fingerprinting and credit reports will be made available once functionality is complete in the NMLS). Individuals in this class are advised to consult the top row of the chart below to determine the different timeframes in which to complete the various tasks. Individuals who are licensed after July 31, 2009 will have until July 31, 2010 to fulfill all of the revised requirements. Because of the former “grandfather” provisions and the fact that certain functionality is not yet available in the NML
Related Questions
- If a mortgage loan originator took the national portion of the NMLS-approved test, do they have to take it again to obtain a license in Massachusetts?
- Does a person engaged in loss mitigation or loan modification activities have to obtain a mortgage loan originator license?
- Does a "loan processor or underwriter" need to obtain a mortgage loan originator license?
