Next Steps Activity
How to Use This Document
Take notes on the course and discuss your agency’s specific licensing policies with your supervisor.
Since the information provided in the Mortgage Licensing School is designed to teach you about general best practices in mortgage licensing and does not account for your agency’s specific practices, you must discuss with your supervisor to determine how your agency applies the concepts discussed in each course.
In order to help guide your discussion with your supervisor and provide a place for you to record what you have learned from the course, this Next Steps Activity also provides a place for you to take general notes on the best practices described in each course.
Instructions
1
Next Steps Activity
- Use the Table of Contents to navigate to the section of the document associated with the course you are currently taking.
- As you are taking the course, record any general notes you may have in the “General Notes (Optional)” section.
- Throughout the course, there will be Next Steps that correspond to a section of this document that you must complete.
- Record your notes on the best practices described for each Next Steps topic and use these when discussing the Next Step with your supervisor.
- Record your notes from your discussion with your supervisor. Be sure to provide accurate, well-researched responses.
- Save a copy of the document to your computer.
- When you have completed all courses in the learning plan and completed the Next Steps activity, submit it, go to the final “Next Steps” course in the Learning Plan in the Learning Management System and submit your activity.
- NOTE: Use the icons in the Learning Plan Legend below to determine the sections of the document that need to be completed for the Learning Plan in which you are enrolled.
1
Next Steps Activity
Additional Information
- For information on how to complete and submit the Next Steps Activity, refer to the Next Steps Quick Guide.
- Questions? Send an email to .
TABLE OF CONTENTS
How to Use This Document
History of Licensing
NMLS, Licensing, and the State Agency
NMLS Account Management and System Navigation for Organization Users
NMLS Resource Center and Support
SAFE Act Requirements
Work List Management & Assignment
MLO License Applications – Industry Perspective
Record Access, Relationships, and Sponsorship
License Item Management
License Statuses
Reviewing MLO License Applications
Reviewing a Criminal Background Check
Reviewing a Credit Report
Reviewing Individual Amendments
Testing and Education Investigations
Adverse and Final License Statuses
Using NMLS Reports
NMLS Consumer Access
License Surrender
NMLS Account Management and System Navigation for Account Administrators
Company License Applications – Industry Perspective
Reviewing Company License Applications
Compliance Management Oversight Responsibilities
Business Plans
Audits
Dedicated Resources
Risk Management Programs
Compliance Management Systems
Business Continuity and Disaster Recovery
Branch License Applications – Industry Perspective
Reviewing Branch License Applications
Reviewing Company/Branch Amendments
Advance Change Notice
Regulatory Actions
Agency Fee Invoicing
Company/Branch Renewal Process
Reviewing Company/Branch Renewal Requests
MLO Renewal Process
Reviewing MLO Renewal Requests
Completing the Mortgage Call Report – Industry Perspective
Reviewing the MCR – Standard RMLA
Reviewing the MCR and Financial Statement – Standard Financial Condition and Financial Statement
Reviewing the MCR – Expanded RMLA
Reviewing the MCR and Financial Statement – Expanded Financial Condition and Financial Statement
History of Licensing
Part Two: Pre-SAFE Act Licensing
Ask your supervisor if your agency was engaged in mortgage licensing prior to NMLS, and to what degree.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
General Notes (Optional)
[Enter your general notes from the course here.]Return to Table of Contents
NMLS, Licensing, and the State Agency
Part Four: System Prioritization and Development Process
Speak to your supervisor about which conference calls and working groups you should be involved in and why.Some examples include: SRR Lawyers Committee, Mortgage Call Report Working Group, Regulator Development Working Group (RDWG), Data Download Working Group.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
General Notes (Optional)
[Enter your general notes from the course here.]Return to Table of Contents
NMLS Account Management and System Navigation for Organization Users
Part One: Introduction
Speak to your supervisor to determine who your Account Administrators are.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Speak to your supervisor about the roles you will be or have been assigned. For those roles you do not have, speak with your supervisor to understand who has additional roles and what functions they support in NMLS (i.e., Once I complete a review do I hand off to someone else to review, change the status, etc.). Also ask which notifications you may have been assigned to receive, and which Review Items you may be assigned.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
General Notes (Optional)
[Enter your general notes from the course here.]Return to Table of Contents
NMLS Resource Center and Support
Part One: Regulator Resource Center
Speak to your supervisor to ensure you have access to the Regulator Resource Center. Ask which areas of the Resource Center your agency commonly uses. If you do not have access to the Resource Center, find out why.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
General Notes (Optional)
[Enter your general notes from the course here.]Return to Table of Contents
SAFE Act Requirements
Part Two: Education
Speak to your supervisor about your agency's state-specific PE requirements.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Speak to your supervisor about your agency's state-specific CE requirements.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Three: Testing
Speak to you supervisor to determine if your agency has adopted the Uniform State Test (UST). If not, why?
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Five: Criminal Background Check
Speak to your supervisor about your agency's criminal standards to determine if there are additional requirements or if requirements are more stringent than the SAFE Act standards.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Speak to your supervisor to determine if your agency requires state-specific background check in addition to a federal CBC. If you do require a state-specific background check, why?
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Six: Financial Responsibility & Fitness
Speak to your supervisor to determine how your agency determines financial fitness. What are the credit report review standards used if any?
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Seven: Mortgage Call Report
Speak to your supervisor to determine which of your agency’s license types are NOT required to complete the Mortgage Call Report. If there are any, ask why they are exempt.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
General Notes (Optional)
[Enter your general notes from the course here.]Return to Table of Contents
Work List Management & Assignment
Part Two: Agency Work List & Assignment vs My Work List vs Review Item Assignment
Have a discussion with your supervisor on how your agency uses the work lists. Specifically:
- Does your agency use the wok list assignment feature in NMLS?
- Are you expected to assign work to yourself or other members of the agency?
- Which work list are you expected to work off of on a regular basis?
- When work is complete, what is typically done (i.e., mark item as complete, archive, do not archive?)
[Enter your notes on best practices from the course here, if applicable.]
[REQUIRED: Enter your notes from your discussion with your supervisor here.]
General Notes (Optional)
[Enter your general notes from the course here.]Return to Table of Contents
MLO License Applications – Industry Perspective
General Notes (Optional)
[Enter your general notes from the course here.]Return to Table of Contents
Record Access, Relationships, and Sponsorship
Part Two: Required Information
Speak to your supervisor to determine your agency's sponsorship requirement for individual licensees.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Five: Regulator Perspective
Speak to your supervisor to determine if your agency allows multiple sponsorships per license. Why or why not?
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Speak to your supervisor about your agency's process when reviewing and making a decision on a sponsorship request.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Speak to your supervisor about whether your agency allows for the use of the "Approved - Inactive" status for individual applicants without an active sponsor. If not, why?
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
General Notes (Optional)
[Enter your general notes from the course here.]Return to Table of Contents
License Item Management
Part Two: System-set vs. Regulator-set License Items
Speak to your supervisor about the licensing deficiencies that may result in the creation of license items.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Three: Adding License Items
Speak to your supervisor to determine if your agency enters notes and uses the Regulator Log to track review process. If not, why?
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Speak to your supervisor about whether your agency has standard license item language, and whether it includes contact information for the licensee should they have questions. If not, what is the expectation for language used?
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Speak to your supervisor about how your agency manages MU2/MU4 credit and CBC communication and what are your agencies best practices for communication of Credit Report and CBC issues outside of the system.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Speak to your supervisor about your agency’s requirements for the handling of confidential information received from the applicant.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Speak to your supervisor about your agency's usage of the "Due Date" field when adding license items to track in the Reminder List. If your agency does use due dates, how do you determine the timeframe required for response? For example, do you use a different due date depending on the severity of the license item? If you don’t use due dates, why not?
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Four: Potential Impacts of Adding a License Item
Speak to your supervisor about your agency's work process for adding license items.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Five: Managing and Clearing License Items
Speak to your supervisor about your agency's method to follow-up and clear license items.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
General Notes (Optional)
[Enter your general notes from the course here.]Return to Table of Contents
License Statuses
Part Three: Updating License Statuses
Speak to your supervisor about when your agency updates license status:
As part of the application review process
Ad hoc
Using the Bulk License Status Update functionality
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Four: Internal & External Notes, Dates
Speak to your supervisor about your agency's usage of Internal and External Notes when updating license statuses.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Ask your Supervisor when you should make an external note “private.”
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Speak to your supervisor to identify whether your agency has any licenses that are currently transitioning to NMLS and how that process works.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Five: Adverse Statuses
Speak to your supervisor to determine your agency's process when dealing with revocations.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Nine: Conclusion
Speak to your supervisor to determine which license statuses your agency uses and when certain statuses are used (refer to the License Status Definitions document).
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
General Notes (Optional)
[Enter your general notes from the course here.]Return to Table of Contents
Reviewing MLO License Applications
Part Two: MLO Application Review Process
Ask your supervisor to give you a high-level overview of your agency’s work process for reviewing a new application in NMLS.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Part Three: Submission of the Individual Form (MU4)
Discuss with your Supervisor to determine if any parts of the Individual Form are not required by your agency.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Discuss Sponsorship Status and how they are used with your supervisor.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
If a regulatory action is attached to the applicant’s record, how do I manage this during the review process?
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Speak with your supervisor about the “View Federal Information” user role and if this is something you need to have. Keep in mind that users assigned this role are subject to NMLS Two-Factor Authentication.
[Enter your notes on best practices from the course here, if applicable.][REQUIRED: Enter your notes from your discussion with your supervisor here.]
Discuss your agency’s policies for incorrect license type applications with your Supervisor.