Missouri Adopts Rules Requiring the Creation of an Account with NMLS for Residential Mortgage Loan Brokers

by: Paul McSheffrey

The Missouri Department of Insurance, Financial Institutions and Professional Registration recently amended 20 CSR 1140-30.240 regarding supervision of residential mortgage loan brokers.

The changes require that before applying for or renewing a Missouri Residential Mortgage Loan Broker License, the applicant must register with the Nationwide Mortgage Licensing System and Registry (NMLS). Each applicant must obtain a unique identifier through the NMLS and maintain an active status by paying the applicable $100.00 application and renewal fee. Applicants must apply through the NMLS on forms acceptable to the director and must verify them by oath or affirmation. Additionally, each licensee must annually attest to the completeness, truthfulness, and accuracy of its records filed with the NMLS. Failure to do so during the annual renewal period established by NMLS will result in the suspension of the broker’s license.

These rules become effective on April 30, 2014 (or 30 days after publication in the Code of State Regulations).

About the Author:
Paul McSheffrey, J.D. is Regulatory Compliance Consultant at Bankers Advisory, Inc. He is a graduate of Northeastern University and earned his Juris Doctor at the New England School of Law. Paul is admitted to the Bar in Massachusetts and New York. He can be reached at paul@bankersadvisory.com