Virginia Originators Begin Registration
Mortgage originators in Virginia are getting ready for new commonwealth regulations that will require them to register with the Nationwide Mortgage Licensing System (NMLS). The commonwealth legislation, signed earlier this year, brings Virginia into compliance with the federal Secure and Fair Enforcement for Mortgage Licensing (SAFE) act, which requires all states have a loan originator registration system in place by August 1, 2009. The law requires mortgage originators to obtain a state license by July 1, 2010. There are a number of pre-requisites to obtain a license —fingerprint cards, criminal background and credit checks, pre-license education certificate and successful completion of the national and state mortgage test, all administered by NMLS and surety bonds based on the amount of loans originated. In addition to the registration requirements, the Virginia legislation requires originators to file an annual report detailing their business from the past year by March 1. The law took effect August 17, but the state began accepting applications August 3. Virginia’s State Corporation Commission is encouraging originators to file their application by the end of the calendar year in order to receive their license by the July 1 deadline. Write to Austin Kilgore.