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SAFE Act Questions: Which Application do I need to apply for?
A. The NMLS has four application forms: MU1, MU2, MU3, and MU4. Mortgage originators use the Form MU4, which is the Uniform Individual Mortgage License/Registration and Consent form. It is submitted to the jurisdiction where the applicant is filing. A mortgage originator must be affiliated with an employer for the form to be submitted. Certain employing brokers submit this form in behalf of their loan originators. Form MU1 is the Uniform Mortgage Lender/Mortgage Broker form that is required to be completed and submitted by companies and sole proprietorships. Each MU1 form must be accompanied by at least MU2 form that identifies the firm's key persons in control. Finally, the MU3 form is used to sign up a branch office with the NMLS.A. The NMLS has four application forms: MU1, MU2, MU3, and MU4. Mortgage originators use the Form MU4, which is the Uniform Individual Mortgage License/Registration and Consent form. It is submitted to the jurisdiction where the applicant is filing. A mortgage originator must be affiliated with an employer for the form to be submitted. Certain employing brokers submit this form in behalf of their loan originators. Form MU1 is the Uniform Mortgage Lender/Mortgage Broker form that is required to be completed and submitted by companies and sole proprietorships. Each MU1 form must be accompanied by at least MU2 form that identifies the firm's key persons in control. Finally, the MU3 form is used to sign up a branch office with the NMLS.
Posted Monday Mar 29