Compliance Q&A: Branch Office Closures

Must CUs go through a specific process before permanently closing branch offices?

January 13, 2012
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Q Can a credit union designate a third-party service provider to act as the credit union’s account administrator on the Nationwide Mortgage Licensing System & Registry (NMLS)?

A No. Only a credit union employee can serve as an account administrator for purposes of compliance with the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act.

When creating an NMLS institution account, the credit union must identify two individuals as “NMLS Account Administrators.”

These account administrators will have primary responsibility for the credit union’s account on NMLS, are authorized to speak to the NMLS Call Center on behalf of the credit union, and can set up additional sub-users for the institution’s account.

Next: FCRA and negative loan information

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