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#1916094 - 04/21/14 01:44 PM MLO
theloanbug Offline
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Joined: Sep 2005
Posts: 746
Can you tell me what I need to do if MLO resigns before loan closes?

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Loan Originator Compensation Rule
#1916097 - 04/21/14 01:46 PM Re: MLO theloanbug
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,368
Galveston, TX
Give it to another MLO.
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#1916194 - 04/21/14 05:33 PM Re: MLO theloanbug
theloanbug Offline
Platinum Poster
Joined: Sep 2005
Posts: 746
OK. That is how I handle it. I know have to terminate mlo # correct?

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#1916360 - 04/22/14 01:13 PM Re: MLO theloanbug
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
You access the NMLS database and update the MLO's record to show his termination. His registration belongs to him, and stays in place.
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#1916685 - 04/23/14 01:30 PM Re: MLO John Burnett
theloanbug Offline
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Joined: Sep 2005
Posts: 746
Is there a timeframe to terminate information from NMLS database?

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Last edited by theloanbug; 04/23/14 01:32 PM.
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#1916691 - 04/23/14 01:40 PM Re: MLO theloanbug
manimal Offline
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manimal
Joined: Feb 2008
Posts: 2,207
Deleted
I believe changes are supposed to be made within 30 days.
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#1916799 - 04/23/14 03:52 PM Re: MLO manimal
theloanbug Offline
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Joined: Sep 2005
Posts: 746
Thank you.

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