Communicating using NMLS – Updating License Items

What –Regulators follow up with licensees and potential licensees using the license item andLicense Status features on NMLS to communicate in real-time. Each time either mode is used, the account administrator needing to be reached receives an email notification alert. This message duplicates what is found on the State License Registration Information page of the Company Composite View. For license item details, this includes the customized title and detailed note provided by the regulator that specifies what is needed to resolve the issue.

Who – The regulator has the ability to at any time.

How – The regulator updates license items by searching for the company within the Task tab or using the work list to access the entity license list to complete review and mark the relevant work item complete.

Why – The license item feature provides licensees with a consistent method of receiving clear communication from the regulator to achieve and maintain satisfactory licensure status.

Regulator User Benefits – Using the license item features on NMLS, allows the System to work for you:

-Consistent and timely license status updatesallow the licensee to understand the condition of the license without needing additional information.

-Clear and concise license item usage allows the licensee to quickly address outstanding issues without requiring lengthy and tedious back and forth communication with the licensee.

-License item and License Status usage enables real-time email notifications and system updates to alert the licensee.

Directions

Assumptions –

-The company Mortgage Plus (65658) has failed to submit a corrected Jurisdiction-specific Document requested by the regulator via license item placement over 45 days ago.

-The regulator has decided to give the licensee another 30 days to submit the document and will update the license item to inform the licensee.

-You have logged in to NMLS and are ready to make the intended updates.

License Item Update from the Tasks tab.

  1. Click the Tasks tab.
  2. Click the relevant entity type, i.e. Company.
  3. Insert the relevant entity information, i.e. NMLS ID, then click Search.
  4. Click the entity name and NMLS ID hyperlink.
  5. Click on the relevant license type, i.e. NY Money Transmitter
  6. Click on License Item in the left navigation panel.
  7. Click the iconto update the License Item.
  8. Update the Title fieldto reflect the 2nd request status, i.e. Surety Bond Document – 2nd Request to more accurately reflect the delinquency status.
  9. Update the due date to reflect the additional days allotted in the Due Date field. Be sure to use consistent turn times for similar license item types.
  10. Optional – Insert applicable notes for fellow regulators at your agency in the Internal Note field.
  11. Update the existing note to reflect the new deadline within theExternal Note details.
  12. Click Save to complete the process.

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