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#1571485 - 06/29/11 04:20 PM Registered MLO - Info. has Changed
complygirl Offline
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Joined: Oct 2004
Posts: 822
midwest
We have already completed the process of registering our MLOs on the registry. One of them just informed me today that his personal phone number has changed (this was part of the MU4R information initially requested). I've tried to locate where I update this on the registry, but can't seem to find it. Can anyone tell me how I update this information on the registry? Thanks.

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S.A.F.E. Act Forum
#1571540 - 06/29/11 04:44 PM Re: Registered MLO - Info. has Changed complygirl
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
He has to do it. Once the MLO is active, they own the record for the rest of their life. Keep in mind that every time he makes a change, they charge for it (that's my understanding anyway).
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#1571679 - 06/29/11 06:55 PM Re: Registered MLO - Info. has Changed Dani York, CRCM
Mike Baker Offline
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Mike Baker
Joined: Dec 2002
Posts: 192
Tennessee
Originally Posted By: Dani York
He has to do it. Once the MLO is active, they own the record for the rest of their life. Keep in mind that every time he makes a change, they charge for it (that's my understanding anyway).


Just wondering...the following is from the NMLS site [item # 9 at the bottom], and the way that I read it, it looks like a charge only applies if the MLO changes employers?

http://mortgage.nationwidelicensingsyste...ick%20Guide.pdf


NOTE: An amendment fee will be assessed when changing employers. For further assistance, see the Changing Employers on the Federal Registry quick guide.

Of course, I could see that it could very well occur to those in charge to institute a fee if they have a large volume of amendments for other reasons.

Thanks...
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#1571705 - 06/29/11 07:06 PM Re: Registered MLO - Info. has Changed Mike Baker
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
That might be right (only charging for change of employment).

Part me wants to say that I remember them saying in one of the webinars that other types of changes would (maybe they said could) result in a charge as well. That being said, we attended the webinars early on before everything was finalized and all the bugs got worked out. Half of what they said in the webinar we attended didn't actually happen when we went to register our MLOs.
_________________________
I can't herd the cats anymore, so I just set up the electric fences and let them fry when they stray out of bounds.

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#1572129 - 06/30/11 02:25 PM Re: Registered MLO - Info. has Changed Dani York, CRCM
complygirl Offline
Platinum Poster
Joined: Oct 2004
Posts: 822
midwest
I am of the SAFE Act admins and I entered each MLOs data into the registry initially and then they reviewed and attested to it. So what you are telling me is that he has full access to this informaiton on the registry and he must change it (as the admin. I can't), is this correct? Thanks.

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#1572177 - 06/30/11 02:45 PM Re: Registered MLO - Info. has Changed complygirl
Dani York, CRCM Offline
Power Poster
Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
Correct. The admin can only batch upload the person's info and pay for their filing. They can view the records. T omy knowledge the admin cannot make changes to the records after the MLO has attested it and gone active. I could be wrong. What I do know is that when our MLO's have had issues, and we have called to get them fixed, NMLS has told that they can't talk to us (even the admin) and that the MLO has to call and get it fixed themselves.
_________________________
I can't herd the cats anymore, so I just set up the electric fences and let them fry when they stray out of bounds.

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#1572284 - 06/30/11 03:36 PM Re: Registered MLO - Info. has Changed Dani York, CRCM
#Just Jay Offline
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
You are the admin for the bank, not the LO's.

This is their record that travels with them, thus their responsibility to maintain and keep current. It is just like any other professioanl license or registration out there (real estate, series 6, insurance, CRCM, etc.) while you as the bank may choose to pay for it, the LO is the end owner and beneficiary of it. It is their responsibility to keep it current and up to date on the requirements of it, if they wish to continue being a profitable LO.
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#1572288 - 06/30/11 03:38 PM Re: Registered MLO - Info. has Changed Dani York, CRCM
mtngrrl Offline
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mtngrrl
Joined: Mar 2011
Posts: 471
Northern California
There is no charge for changing information like addresses, phone numbers, etc. We've had MLOs go back in and correct errors in those areas. The only time there's a charge is when they change employers (new registration and background check) or when they complete annual renewal.
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--all opinions are my own--

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#1572475 - 06/30/11 05:54 PM Re: Registered MLO - Info. has Changed mtngrrl
sunnyflowers Offline
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Joined: Feb 2009
Posts: 150
North Carolina
I am confused......I am looking back at my records and one of which is the sample SAFE Act Policy from BOL Tools and it has in there as one of the duties of the SAFE ACT offficer is to "Monitor for changes to personal date (change of address etc.) submitting such changes to the registry."
Not had chance to look back through the other materials to see if other places state the same......

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#1572529 - 06/30/11 06:52 PM Re: Registered MLO - Info. has Changed sunnyflowers
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
You can still view the record information, but the MLO has to change it. The bank admin doesn't have editing rights, only read-only. That's my understanding anyway.
Last edited by Dani York; 06/30/11 06:54 PM.
_________________________
I can't herd the cats anymore, so I just set up the electric fences and let them fry when they stray out of bounds.

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#1573053 - 07/01/11 04:42 PM Re: Registered MLO - Info. has Changed Dani York, CRCM
sunnyflowers Offline
100 Club
Joined: Feb 2009
Posts: 150
North Carolina
sounds good to me........thanks!

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