NMLS Revises Reporting System; Conveys more Disciplinary, Credit Info

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Posted To: MND NewsWire

The National Mortgage Licensing System (NMLS) is upgrading its reporting system with a number of enhancements, many of which seem aimed at keeping employers informed of their mortgage loan officers' (MLOs) activities. NMLS Release 2012.4 is scheduled for October 22 and includes several dozen changes to individual report items. One area where changes have been made is Credit Report Enhancements . The system will include two new summary flags to indicate a Presence in the OFAC (Office of Foreign Assets Control Database) and charge-offs within the last 84 months. A new delta change indicator will automatically compare any new summary flags to those included in the last requested report. New items will also be created to alert regulators of delta changes in the summary flags and credit score. Regulators...(read more)

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Source: www.mortgagenewsdaily.com

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