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What are the regulators asking for in the NMLS licensing checklist?
The SES (State Examination System) automates audits SA's (Supervisory Activity). Here's how to add a user to your SA
Depending on your business model, some items requested will NOT APPLY (N/A)
When a regulator or investor requests compliance audits, what are they looking for?
The plan you previously had in place is the one that should be reviewed, even if you end up buying a new one.
California's Department of Financial Protection and Innovation's business plan request means answering some questions
Ask the question, "What could go wrong?" and you have conducted a risk assessment.
The SES (State Examination System) is connected to the NMLS system. Adding people and updating documents is similar to that architecture.
Regulators often ask for business plans. Do you really need to write a business plan? The answer lies in reading the actual request.
You probably submitted more than what the regulator requested
New York DFS is proud to provide a very challenging application process. If you use MortgageManuals products for your license application or audit, YOU MUST LET US KNOW BEFORE SENDING THEM IN.
Maryland has an extensive questionnaire with requests for many documents. Where are these documents in your manuals?
Ohio has specific licensing requirements which are, at once, extremely specific and at the same time immensely general.
A long, specific checklist identifies policies and procedures, but some elements are opaque
Getting licensed in Arkansas as a lender or broker means providing a few documents that you probably already have
It's a Federal rule, but states can enforce it. Some states are more specific than others.
Going through your materials and identifying what PA wants when they request documentation uploads
Washington's examination is pretty straightforward, until you get into the details
Where are the NC Required Items in my plans?
Georgia's recently begun processing exams through the State Examination System (SES) platform
As with many "business plan" requirements, the regulator is really trying to answer a few questions, not an SBA-style business plan.
In addition to answering a manager's questionnaire, the regulator may ask for documentation from your packages. How do I package that material?
TX has one of the more transparent examination protocols. Read the Compliance Guide to prepare yourself. We can help with policies and procedures, as well as helping you stack your files. March 2024 - TX has transitioned to the State Examination System to manage questionnaires and submissions. Read our SES articles to understand this process.
Completing the Manager's Questionnaire involves answering questions and preparing your policies and procedures. There are a few wrinkles.
Illinois' periodic examination requires you to answer questions in narrative format, instead of just providing policies and procedures. But you can save yourself some time by copying text or using exhibits from many of the modules.
Adding a 3rd party can save you time and money and make your process easier. Use the SES system to maximize your communication and avoid long email chains and multiple documents
Responding to a TN Regulatory Exam involves locating items in your Compliance Pack.
3 different questionnaires create a confusing myriad of responses
New Focus on Cyber Security in SC Exam
A very long, multi-section questionnaire makes this examination seem more daunting than it is.
We have received numerous requests from companies who are NOT under a current examination or have recently completed an exam to provide specific plans. Here are instructions for how to locate, extract, and give these SPECIFIC plans to the regulator.