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#1605657 - 09/19/11 08:40 PM Annual Renewal Period
rachelchri Offline
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Joined: Aug 2010
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Our Institution registered in May. Do we have to pay another $100 in Nov/Dec 2011, or do we not pay again until Nov/Dec 2012?

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S.A.F.E. Act Forum
#1605659 - 09/19/11 08:43 PM Re: Annual Renewal Period rachelchri
manimal Offline
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We just got a renewal notice from the NMLS. (I am assuming you are a financial institution and registered for the first time this year to comply with the SAFE Act.) The renewal notice said that this November/December 2011 the bank will have to renew for a $100 fee and that any MLO's registered prior to July 1 will also have to renew (but no fee).

Last edited by manimal82; 09/19/11 08:44 PM. Reason: year clarification
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#1605663 - 09/19/11 08:46 PM Re: Annual Renewal Period manimal
rachelchri Offline
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Well, that stinks. Talk about double dipping!

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#1609362 - 09/27/11 04:50 PM Re: Annual Renewal Period rachelchri
Reads Regs Offline
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The NMLS has updated its web site with information about annual renewal for federal registrants. http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/FedRegRenewal.aspx

They also added a section to the FAQs page to address annual renewal. http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/FedRegFAQ.aspx#Renewal
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#1609559 - 09/27/11 08:18 PM Re: Annual Renewal Period Reads Regs
QCL Offline
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Thanks!!!

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#1609583 - 09/27/11 08:42 PM Re: Annual Renewal Period QCL
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You're welcome and Happy Birthday!
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#1610884 - 09/29/11 08:56 PM Re: Annual Renewal Period Reads Regs
Tesla Offline
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Wait, they encouraged big banks to get started early to not bog down their system and now they are going to ding us to re-register all those same people??
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#1610907 - 09/29/11 09:42 PM Re: Annual Renewal Period Tesla
TMatt87 Offline
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Yep. All in the last two months of the year. Hopefully there won't be quite the traffic jam this time since no all loan officers have to do in go back onto the website a reattest to their information.
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#1611677 - 10/03/11 04:38 PM Re: Annual Renewal Period TMatt87
NU Rhules Online
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So...let me see if I got this right.....The law was effective on July 21, 2011 and we did not have to have our folks registered until that date (if we chose to wait). Now they are saying if we got it done early (before 7/1) that we now have to renew (and PAY)? There is absolutely something wrong going on with the NMLS system. I think a GAO audit is in order. It doesn't smell right. Also I want my 2011 "dues" pro-rated. What chance to I have of getting a partial refund?

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#1611684 - 10/03/11 04:47 PM Re: Annual Renewal Period rachelchri
manimal Offline
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Originally Posted By: rachelchri
Well, that stinks. Talk about double dipping!


Yes they do seem to nickle and dime us for every little thing, don't they!
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#1611693 - 10/03/11 04:55 PM Re: Annual Renewal Period NU Rhules
#Just Jay Offline
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No, they are not saying that.

It was clearly stated in the rule that anyone registered prior to July 1, would have to still renew at the end of the year during the annual renewal period. This should not be a surprise to anyone with familiarity with the rule.

The annual renew fee more the MLOs has also been waived for the first renewal year.

If you have any questions or concerns with SAFE, I encourage you to contact the NLMS directly. They are very friendly and helpful and will be able to answer any of your questions for you.
Last edited by Just Jay; 10/03/11 05:11 PM.
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#1611788 - 10/03/11 07:38 PM Re: Annual Renewal Period #Just Jay
John Burnett Offline
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And for the record, July 21 is a date related to Dodd-Frank, and MLO registration is a creature of the SAFE Act. The SAFE Act final rules became effective 10/1/2010, and the 180-day initial registration period began 1/31/2011 and ended on 7/29/2011.
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#1622566 - 11/01/11 02:06 PM Re: Annual Renewal Period John Burnett
Always In Training Offline
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They are open! And we are renewed! Easy breezy!

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#1622651 - 11/01/11 03:29 PM Re: Annual Renewal Period Always In Training
Matt_B Offline
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Originally Posted By: Always In Training
They are open! And we are renewed! Easy breezy!


Agreed. I was wondering if the site was going to crash with people headed in this morning to get renewed, but it was just fine. (Aside from having to pay that $100 renewal...ack!) Luckily, we only had one person registered that had to renew this year, so it's nice and simple.
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#1629673 - 11/17/11 04:35 PM Re: Annual Renewal Period Matt_B
BankRegGuy Offline
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Posts: 74
Just renewed, and it seemed too easy, 3 MLOs. Now I have to go back and make sure I did it right just because I cant believe it was that easy.

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#1631247 - 11/22/11 02:36 PM Re: Annual Renewal Period BankRegGuy
ahkcompliance Offline
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Midwest
I agree, Very easy process! I like easy smile

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#1631382 - 11/22/11 04:49 PM Re: Annual Renewal Period ahkcompliance
Dlynn58 Offline
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Texas
Just did my renewals...very easy breezy!!

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