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#1688448 - 04/12/12 08:40 PM New Loan Officer
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
I have a new loan officer. I have registered them on NMLS and have received the ID. We are pending fingerprint right now. Their status says pending. Can they accept applications while pending?

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S.A.F.E. Act Forum
#1688526 - 04/13/12 12:26 PM Re: New Loan Officer ahkcompliance
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
Can a consumer access their pending registration info no the consumer site? If not, I would say no.

Not that any consumer will actually look up the LO, but the whole point of the SAFE Act and disclosing the ID number is so consumers can mae educated decisions on who handles their loans.
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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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#1688527 - 04/13/12 12:27 PM Re: New Loan Officer ahkcompliance
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
Also, whatever, you decide, you probably want to address how you will handle pending registrations in you SAFE Act policy.
_________________________
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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#1688567 - 04/13/12 01:39 PM Re: New Loan Officer ahkcompliance
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
Just looked at the consumer site, the LO does not come up.

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#1688573 - 04/13/12 01:43 PM Re: New Loan Officer ahkcompliance
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
Do you think it is permissable to go ahead and have the MLO accept applications? During their pending status, they will probably have less than 5, which is an exemption.

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#1688575 - 04/13/12 01:48 PM Re: New Loan Officer ahkcompliance
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Were they an MLO at another financial institution within past 12 months? If yes, those loans count toward de minimis.
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#1688580 - 04/13/12 01:56 PM Re: New Loan Officer ahkcompliance
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
If it were me, I would have them do something else until their registration reflects as active. Things they could do---get all of their annual training done (if you offer CBT), read & learn loan policy for your institution, learn about the other areas of your institution (who does what, etc). The fingerprinting should only take 1-2 days after they go get it done. Have they already gone to be fingerprinted yet?
_________________________
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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#1688589 - 04/13/12 02:09 PM Re: New Loan Officer ahkcompliance
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,470
Midwest
Yes, fingerprints are in. I would expect they go active next week.

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#1689082 - 04/16/12 04:24 PM Re: New Loan Officer Kathleen O. Blanchard
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,408
Cape Cod
Originally Posted By: Kathleen B
Were they an MLO at another financial institution within past 12 months? If yes, those loans count toward de minimis.
And if they have ever been registered on the NMLS site (state or federal side), the de minimis exception will never be available to them.
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John S. Burnett
BankersOnline.com
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