New Functionality in NMLS
Notifying DFI of future changes to your company’s license is about to get easier for NMLS users. As part of the June 24 release, NMLS will launch the Advance Change Notice functionality. This enhancement allows you to report certain changes with a future effective date through a filing in NMLS. The functionality is limited to companies and branches. This option is not available to individual MLOs.
Beginning June 24, 2013 the following changes can be reported in advance through NMLS:
- Company Legal Name
- Main or Branch Physical Address
- Main or Branch Trade Name
- Company Legal Status
- Direct Owner/Executive Officers
- Indirect Owners
- Qualifying Individuals
The Advance Change Notice functionality simplifies amending your license in several ways:
- Allows a single, electronic filing for all jurisdictions using NMLS. This eliminates mailing pre-notification letters to all state regulators.
- Ability to report the change in NMLS as soon as you know about it instead of waiting for the effective date to come. If the effective date changes, you can make the change in NMLS as long as it is on or before the previously reported effective date.
- Responses from regulators to your future change are managed in NMLS rather than via emails and phone calls. This includes the ability for a regulator to request information from you about the change without impacting your license status.
More information about Advance Change Notice can be found in the 2013.2 Release Portfolio (pdf). Quick Guides to help you use this functionality will be updated and posted by June 24.