Am I the only one confused?
I sign up for VeriSign, but where?

Is this the right place - http://www.verisign.com/authentication/t...tion/index.html

So there is a fee for VeriSign?
Then a $55/Admin fee once you enter the verisign credential onto the NMLS?
Then a $100 fee per insitiution?
And then a fee per MLO?

Did I forget anything?

We used the link provided in the Getting Started guide at NMLS: Go Here To Acquire then chose the free toolbar download.

You will have to pay the $55 per admin directly to the Registry when you establish the admin accounts, same with the $100 for registering the bank, and the fees for the MLO - which will include the NMLS registration fee AND the fee for the background check and fingerprints.

The Registry has been very responsive. We've gotten as far as signing up the admins and tomorrow will submit the MU1R for the bank. The only reason we're waiting until tomorrow is that we are a small bank and the other admin and I are busy with month end reporting this week.

Thank you!!!!

Which type of Verisign did everyone choose?

We went with the free toolbar to keep costs down as much as possible.

I was going to use the browser toolbar since it was free. Our President as well as our IT guy thought it best to purchase a credential due to computer issues or changes that might cause it to have to be loaded additional times in the future. I selected the waterproof token. It was backordered but has now shipped and I'm awaiting it's arrival.

Tokens. We already had the tokens since we issue them to our cash management customers.

I downloaded the free toolbar as well, but it is asking for a user name and a password. Does anyone know what we are to put there? I tried to contact verisign and no one will return my calls.

Verisign is?
Do you see the credential ID and security code in the tool bar? You may need to enter that.

From their help page:
How do I register VIP Access?
Look for the VeriSign Identity Protection logo at the VIP member site for instructions. During registration, enter both your credential ID and a security code.
https://idprotect.verisign.com/toolbar/helpandsupport.v

I purchased the token but ran into a big problem with their website. I could not use the free downloable bar as we are a areawide network and only IT adminstration has the rights to download. But I ran into a very madding situation. I ordered my token and my other adminstrator also did but when I went to have the MLO's the VeriSign website will not accept our business credit card. I called them and they said yes they knew that they had a problem was not planning on fixing it. They said just have the MLO use there personal credit card. GRRRRRrr
They are charging for every little thing. Sure glad we only have a dozen or so officers.

Are you ordering tokens for your MLOs? Or are you saying the NMLS website is having a problem with taking credit card payments?

MLOs do not need a token as they will (should) not have access to another person's personal info. Only administrators and institution users need tokens.

Verisign toolbar.

That's what we ended up doing as well.

Our IT group wants to use another system besides VeriSign...does anyone know if this is possible, or does the registration lock us into VeriSign?

Step 3 of the Getting Started Guide for institutions specifies Verisign:

"Users who are required to have two-factor authentication must use a security credential from VeriSign. For details see Quick Guide: Choosing a VeriSign Security Credential. Go to the VeriSign Website to acquire your credential. You will need your credential before you log in to NMLS to complete your Form MU1R."

How ironic it is that HUD allows the borrower to shop for a reasonable rate and closing costs while we are stuck with one registry that charges a hefty initial and annual fee. Then, we are only allowed to use one security authentication vendor. I guess the upside of it is that we at least get to choose which vendor we use for the plethora of compliance webinars to learn all of this.

That was what I read about the veriSign. I just could not believe they dictacted what security process would work best for our bank. We already have a process for two factor authentication. We are now having to pay and maintain a piece of software that we really don't need.

Lori

The toolbar is free.

Thanks all for input.

Lori

IT got me the toolbar, took 3 minutes.
Used it to register on NMLS website, took about 5 minutes.
Amount of time to complain about the process on BOL 9 minutes.

Can a MLO be an Administrator? I was under impression that if you are a small bank, this could be an exception. Looking for input/guidance . Thanks

My question is: If our bank does not accept loan applications via the Internet, are we still required to sign up with VeriSign? If "yes", why?

No, unless you have less than 10 (I think it's 10) full time employees. See this thread:

http://www.bankersonline.com/forum/ubbthreads.php?ubb=showflat&Number=1496680#Post1496680

Yes. The verisign token/subscription is for institution users because they will have access to someone else's personal information.

Thanks for the quick response, Dani!