Summary of New Supervisory Procedure MB 107
September 15, 2010
Section 107.1 contains definitions of defined terms used in the Supervisory Procedure. Importantly, it defines the National Mortgage Licensing System (NMLS), the web-based system with which the Superintendent has entered into a written contract to process applications for initial licensing and applications for annual license renewal for MLOs.
Section 107.2 contains general information about applications for initial licensing and annual license renewal as an MLO. It states that a sample of the application form (which must be completed online) may be found on the Department’s website and includes the address where certain information required in connection with the application for licensing must be mailed.
Section 107.3 describes the parts of an application for initial licensing. The application includes (1) the application form, (2) fingerprint cards, (3) the fees, (4) applicant’s credit report, (5) an affidavit subscribed under penalty of perjury in the form prescribed by the Superintendent, and (6) any other information that may be required by the Superintendent. It also describes the procedure when the Superintendent determines that the information provided by the application is not complete.
Section 107.4 describes the required submissions for annual license renewal of an MLO.
Section 107.5 covers inactive status.
Section 107.6 provides information on places where applicants may obtain additional instructions and assistance on the Department’s website, by email, by mail, and by telephone.