FINAL NOTICE
NOTIFICATION LETTER TO CONNECTICUT LOAN ORIGINATORS
REGARDING THE NATIONWIDE MORTGAGE LICENSING SYSTEM
REGARDING THE NATIONWIDE MORTGAGE LICENSING SYSTEM
October 2008
RE: Nationwide Mortgage Licensing System
Dear Registrant:
The Connecticut Department of Banking is pleased to announce that we will be among the first states to join the Nationwide Mortgage Licensing System (NMLS) beginning July 1, 2008. The NMLS, developed by state regulators through the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), will enhance consumer protection and streamline the licensing process for regulators and the industry.
The NMLS will allow you, or the company you’re affiliated with, to manage your license with this Department, as well as other participating state mortgage regulators, with a single record conveniently maintained in an electronic form and accessed through a secure website. Your record in the NMLS will consist of all the information contained on Form MU4 – Uniform Individual Mortgage License/Registration & Consent form.
All individuals licensed as a Mortgage Loan Originator will be required to complete a full record in the NMLS between July 1, 2008 and November 30, 2008 and electronically submit it to the Connecticut Department of Banking. Be advised, renewal notification will be sent only to Loan Originators that transition onto NMLS by November 30, 2008.
The expiration date of your license, which was set to expire on September 30, 2008, has been extended to December 31, 2008. Therefore, Loan Originators must renew their licenses through NMLS between December 1, 2008 and December 31, 2008, and annually thereafter on or before December 31st. A copy of Connecticut’s transition plan can be found on the NMLS website.
The NMLS will allow you, or the company you’re affiliated with, to manage your license with this Department, as well as other participating state mortgage regulators, with a single record conveniently maintained in an electronic form and accessed through a secure website. Your record in the NMLS will consist of all the information contained on Form MU4 – Uniform Individual Mortgage License/Registration & Consent form.
All individuals licensed as a Mortgage Loan Originator will be required to complete a full record in the NMLS between July 1, 2008 and November 30, 2008 and electronically submit it to the Connecticut Department of Banking. Be advised, renewal notification will be sent only to Loan Originators that transition onto NMLS by November 30, 2008.
The expiration date of your license, which was set to expire on September 30, 2008, has been extended to December 31, 2008. Therefore, Loan Originators must renew their licenses through NMLS between December 1, 2008 and December 31, 2008, and annually thereafter on or before December 31st. A copy of Connecticut’s transition plan can be found on the NMLS website.
The record can be created and completed by you or by the company that employs you. It is important that you consult with your company prior to creating or completing a record in the NMLS. In the case where your company creates and/or completes your record in
the NMLS, you will still need to create an individual user account, access the system and attest to the information in your record. While NMLS will accept Form MU4 directly from Loan Originators, using this option will likely result in delays in the approval process.
The NMLS will charge a $30 processing fee for setting-up and maintaining each licensee’s record. Each licensee must pay the processing fee at the time of submitting the record to Connecticut.
Attached are guides on how to access the NMLS, attestation and transitioning onto the NMLS. If you have any questions feel free to contact:
the NMLS, you will still need to create an individual user account, access the system and attest to the information in your record. While NMLS will accept Form MU4 directly from Loan Originators, using this option will likely result in delays in the approval process.
The NMLS will charge a $30 processing fee for setting-up and maintaining each licensee’s record. Each licensee must pay the processing fee at the time of submitting the record to Connecticut.
Attached are guides on how to access the NMLS, attestation and transitioning onto the NMLS. If you have any questions feel free to contact:
- Maria Burgos at 860-240-8211 or maria.burgos@ct.gov
- Beata Zuber at 860-240-8278 or beata.zuber@ct.gov
Very truly yours,
Howard F. Pitkin
Banking Commissioner
Banking Commissioner