SAFE Act Renewal Process
Written by Steve Van Beek
The SAFE Act requires mortgage loan originators (MLOs) to renew their registrations annually. Â The annual renewal period is from November 1 to December 31. Â
The underlying regulatory requirement for the annual renewal comes from 12 CFR 761.103(b):
"(b) Maintaining registration. (1) A mortgage loan originator who is registered with the Registry pursuant to paragraph (a) of this section must:
(i) Except as provided in paragraph (b)(3) of this section, renew the registration during the annual renewal period, confirming the responses set forth in paragraphs (d)(1)(i) through (viii) of this section remain accurate and complete, and updating this information, as appropriate; and
(ii) Update the registration within 30 days of any of the following events:
(A) A change in the name of the registrant;
(B) The registrant ceases to be an employee of the credit union; or
(C) The information required under paragraphs (d)(1)(iii) through (viii) of this section becomes inaccurate, incomplete, or out-of-date.
(2) A registered mortgage loan originator must maintain his or her registration, unless the individual is no longer engaged in the activity of a mortgage loan originator.
(3) The annual registration renewal requirement set forth in paragraph (b)(1) of this section does not apply to a registered mortgage loan originator who has completed his or her registration with the Registry pursuant to paragraph (a)(1) of this section less than 6 months prior to the end of the annual renewal period."
As Section 761.103(b)(3) indicates - the renewal process does not apply to MLOs who registered after July 1st.
The Nationwide Mortgage Licensing System (NMLS) has numerous resources on the renewal process.
- Streamlined Annual Renewals (Federal Registry)Â
Here is one of the FAQs:
"Q. Who needs to renew?
A. According to federal regulations, registrations that become initially active before July 1 must be renewed by the end of that same calendar year, as well as all subsequent years. Registrations initially made active after July 1 are not required to be renewed by the end in that same calendar year, but must be renewed in subsequent years. All institution accounts must be renewed on an annual basis, regardless of when the institutionâÂÂs account was created."