Their NMLS number doesn't get terminated. If they are hired elsewhere, either as a licensed or a registered MLO, they use the same number they had when they worked for you. That's one of the keys for a consumer to be able to look back on an MLO's work record. You change their status to whatever NMLS uses to indicate they no longer work for you.Under Regulation G section 1007.103(e)(2)(ii), you have 30 days of the date the registrant ceases to be an employee to notify NMLS that you no longer employ the individual and the date the registrant ceased being an employee.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8