Answer:
The MLO will complete the MU4R form, which includes information that will be used by the FBI for completing its background search. The bank (HR in your example) verifies the information supplied by the MLO against its records and confirms that he or she is employed by the bank. The MLO grants the Registry the authority to order the background search.
Registration will be completed as soon as the Registry has all the required information and permission from the MLO, employment confirmation from the bank, and its fee. It is not held up to wait for the background search. The Registry does not "pass or fail" based on the background search. It advises the bank that the search is available for download, and the bank is responsible for reviewing the results and taking any appropriate action.
First published on BankersOnline.com 2/21/11
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