Happy Monday! How long have we been waiting for this? The NMLS (Nationwide Mortgage Licensing System & Registry has finally had its functionality enhanced so that it can be ready to accept registrations of mortgage loan originators from financial institutions. Reportedly, the main reason it took so long was because single factor authentication was not sufficient. The system requires something to be used in addition to a mere user name and password.

The 180 day clock starts to tick as of the date published in the Federal Register. Stay tuned!

Has anyone sucessfully registered their bank yet? I am trying to write up procedures for MLOs to complete the MU4R and I would love to know what the MLO is going to see. The instructions I have seen so far say things like "this section".

We're a small bank so we are entering the MU4R info on behalf of the officers (Work Flow 2). I made up an Excel spreadsheet which had the two columns from the MU4R Fields guide then added a third column for "My Information". The officers filled that out and returned it to me and it will be up to me and the other admin to enter it for them.

This is not a reason for a "Happy Monday," post, my friend. Yippie for longer work hours...

You know I truly didn't mean "Happy Monday." I feel the same way.

It's also irritating that what they have put out is less than clear. They have finished updating the functionality to be ready to accept the MLO registrations -- but whether they are actually doing so -- or will be waiting until they announce the date in the Federal Register is not apparent.

We're eaking out the answers one question at a time.

(said in my best Willie Wonka voice) Stop! Reverse that!
Should be: 'We're eaking out the questions one (government given) answer at a time.'

I submitted our bank for Step 7 in the "Getting Started: Institutions" this morning. It says that iit should take 48 to 72 hours for this to be reviewed and validated.

If you have the MU1R form complete, it's not hard. I don't understand if you do this step WHY they need the MU1R form (as it's the same information).

The most trouble I'm having is with the Verisign website. It would not take my bank's credit card. I put a call in to their sales department and it was a leave a message and we'll call you you back. If anyone else needs the # it's 650-426-5310. (It's not listed on the website.)

Given the increased volume they must be experiencing, I'm expecting that time frame to be greatly increased unless they put in some sort of automatic acceptance system.

As for Verisign, we went with the free downloaded toolbar.

How about setting up a seperate forum called "SAFE". I know its not that clever, but then neither is the NMLS.

Interagency Press Release regarding Federal Registry. http://www.fdic.gov/news/news/press/2011/pr11019.html

Registry began today (1/31/11). All MLOs must be registered by no later than 7/29/11.

Here is the Federal Reserve's announcement:
http://www.federalreserve.gov/newsevents/press/bcreg/20110131a.htm

I just submitted our bank this morning too

Honestly, we're going to take our time with this...maybe start the registration process some time in May (or even June) after all the chaos has settled.

Me three...

Agreed, give them time to work out the kinks.

I've already got my administrator account, password -- and thank you for whomever it was that suggested the toolbar. My MU1R is already submitted. I'd have my batch file in now too -- but I didn't have access to employee start dates and HR is knee deep in today's payroll issues.


I started today -- because I may have to wait til July for some of my MLOs to either attest or go get fingerprinted. I have some that are THAT slow to get things done. I may have to go on branch visits to help them get through it. urg.

Always In Training - I am confused about the two-factor authentication. The MU1R form has a spot for 1 main contact, but the instructions say that we need to 'identify two individuals as account administrators'. Did you use the main contact as one of the account administrators? They charged $55X2 plus the bank registration fee? So if we have the MU1R info on hand we should be okay during the inital account request?

Lie to your LOs or get approval to require compliance prior to that date. I'm NOT going to tell them "you have til july 29th" to register.

Ditto....back burner until HMDA/CRA is filed. Right now, I don't have time to breathe.....let alone worry about that mess. I might get it done long about.....um........July 29th.

As Mary Beth and Reads Regs pointed out above, and your posts have verified, the Registry is officially open for business. Of course the Agencies, when they published their Final Rules in July all said the date that the Registry would open would be published in the Federal Register. What they didn't say is that the publication of the date will be after-the-fact.

In any event, welcome to our new SAFE Act forum!

Make it five... Although HR is handling the administration, I'll be handling the compliance fine details, which includes answering "who" needs to be registered. Hopefully by then we'll have some additional guidance on this issue.

You overachiever, you!!! It wasn't even noon when you posted.

Anybody else see the thing that says MLO's originating FHA loans have to be registered by 3/31/11? That's not far off.

Does anyone know what personal information will be available on the registry for each MLO registered? My bank is concerned that the public may have access to social security numbers etc., putting our employees at risk for identity theft. Everything I read indicates what data is required but I can't find anything as to what data is truly available to the public.

The answer is buried in the regulation. In §[url=http://www.bankersonline.com/regs/208/208-103.html]208.103(d)(2)(iii)* we see what the MLO gives the Registry permission to share with the public, by listing items of information that have to be submitted. If you go back to the list of submitted info in §208.103(d)(1)* and check off the stuff the Registry is permitted to release, you're left with these items that are supposed to remain confidential:

• Home address and home contact information (telephone and email)
• Social Security number
• Gender
• Date and place of birth
• Fingerprints

*-References are to the FRB regulations, found in Subpart I of Regulation H. Similar language is found in §___.103 of your regulator's rules.