Compliance Blog

Apr 11, 2011
Categories: Home-Secured Lending

SAFE Act Registry FAQ Posted

Posted by Anthony Demangone

If you've read our blog over the past few years, you'll know how much we love FAQ guidance documents.  Well, here's another one to add to the list.  A SAFE Act FAQ. 

The NMLS Registry posted the guidance document on Friday.  There's a ton of good stuff here.  Be sure to pass this along to your SAFE Act administrator. Here's a taste:

Q. An MLO’s fingerprints came back as “illegible”.  Do I need to repay the criminal background check fee to schedule a new appointment?

A. No.  The criminal background check fee covers the collection and submission of a second set of fingerprints if the first set is deemed illegible by the FBI.  If the second set of fingerprints is deemed illegible, the MLO does not need to submit a third set of prints.  Rather, the FBI will attempt to locate any pertinent criminal history record information using the MLO’s name and demographic information provided in the MU4R.