Licensees who've been through the SES know that it's a veritable candy store for regulators, with most SES Exams requesting as few as 15 (WA/TX Broker limited scope) and as many as 125 (MD). New Mexico's request is sparse:
Advertising - copies and policies
Consumer Complaints Policy
Information/Cyber Security - standard FTC menu
Cyber Risk Assessment
Surety Bond
BSA/AML Plan, Training, and Independent Review
All of these items are in the compliance pack
Make sure
You review your advertising/messages for compliance with NMLS Licensing requirements (both company name correct, NMLS IDs for all, correct address)
Your AML plan refers to the correct document retention period for SAR records (6 years)
Advertising Guidance from New Mexico Regulators
A number of companies that we have examined have indicated that it might be helpful to have occasional information provided from the State of New Mexico Financial Institutions Division (FID) regarding experiences and violations encountered during the normal course of examinations in an effort that such concerns might be avoided in future examinations. In an effort to support our mortgage company licensees and the mortgage loan originators (MLOs) that work for them, we are sharing the following information to help you prepare for any eventual examinations performed by FID.
“In recent months the FID examination staff has encountered a number of situations where it was found that mortgage industry licensees had failed to clearly display their NMLS unique identifier on social media platforms utilized by the licensees such as Facebook, LinkedIn, etc. The FID is sending this notification to all our mortgage industry licensees to remind them of the requirement to clearly display/included their NMLS& R unique identifier number on all social media sites according to the: New Mexico Mortgage Loan Originator Licensing Act § 58-21B-24 NMSA 1978 which states the following:
The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or web sites, and on any other documents as established by rule or order of the director.
and 12.19.8.8 B NMAC which states the following:
The unique identifier number of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan applications, solicitations, advertisements, including business cards and web sites.
It is also advised that inclusion of this requirement in your Social Media Policy is a best business practice. Please forward this to those individuals in your organization who might find this informative. I’m hopeful this information is helpful in remaining/becoming compliant.