| 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. |
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CMG Home Loans - Toms River, NJ
My MU4 is DONE! What truly bothers me about this entire act is not that I needed to get licensed, not that I needed to pass multiple tests, Not that I needed back ground checks and poking and prodding... I think that is all good.... What truly burnes me is that it is not a level playing field, Why doesn't an LO that works for a bank need the same license, the same vetting? Why do they not have to pass a test?
Mar 29, 2010 05:01 AM
Hughes Realty - Bakersfield, CA
I feel your pain. I belive it should be the same rules for everyone. Problem is the big banks have a lot more pull than us little brokers.
Mar 30, 2010 05:53 AM
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