Question 8
Domain 2: Mortgage Loan Origination ActivitiesWithin what timeframe must an MLO update their NMLS record after a material change such as a new address or criminal charge?
Correct answer: B
Explanation
An MLO must keep the NMLS record current and report material changes promptly; a new address or criminal charge are examples of information that must be updated within 30 days. This timeframe is the standard reporting window for changes to an MLO’s registration information.
Why each option is right or wrong
A. 10 days
B. 30 days
Under the SAFE Act’s registration rules, a mortgage loan originator must keep the Nationwide Multistate Licensing System record current and file an update for any material change in the registration information within 30 days of the change. That 30-day reporting window applies to items such as a change of address or the filing of a criminal charge, which are treated as reportable updates to the MLO’s record.
C. 60 days
D. 90 days