Updates to the NMLS Policy Guidebook

An update to the Nationwide Mortgage Licensing System (NMLS) Policy Guidebook was issued on August 28, 2023.  The updates include:

• Requiring an end date and termination reason when terminating the relationship between a company licensee and licensed loan originator in NMLS (the drop-down list options of termination reasons will include: deceased on date, voluntary resignation, permitted to resign, discharged, and reduction in force);
• Requiring a middle name in the individual’s NMLS record (if the individual does not have a middle name, further legal documentation may be requested);
• Revising the section on dormant accounts and deletion of such accounts to apply only to individual NMLS accounts, and no longer to company NMLS accounts; and
• Specifying legal documentation needed (if requested by an agency) as proof of an individual’s name change.

The updated Guidebook can be found here.