Quick Compliance Checklist for Mortgage Brokers

Staying compliant is one of the most critical aspects of running a successful mortgage brokerage. With ever-changing regulations, licensing requirements, and reporting deadlines, it’s easy to feel overwhelmed. To help you stay on track, we’ve put together this Quick Compliance Checklist for Mortgage Brokers—a simple guide to ensure your business remains compliant and avoids costly penalties.

1. Maintain Active Licensing
   • Ensure your NMLS license is active and renewed on time.
   • Verify state-specific licensing requirements and deadlines.
2. Complete Required Continuing Education
   • Fulfill annual CE requirements, including any state-specific courses.
   • Keep certificates and proof of completion readily available.
3. Track and Submit Mortgage Call Reports (MCRs)
   • Submit accurate and timely MCR filings through NMLS.
   • Double-check data for consistency and completeness.
4. Conduct Regular Compliance Audits
   • Review internal processes to ensure adherence to federal and state regulations.
   • Address gaps in recordkeeping, loan documentation, and reporting.
5. Update Anti-Money Laundering (AML) Compliance
   • • Ensure AML training is completed annually by all employees.
   • • Review and update your AML policies and procedures regularly.
6. Monitor Advertising Compliance
   • Verify all marketing materials meet all compliance requirements
   • Include required disclosures in all advertisements.
7. Maintain Proper Recordkeeping
   • Store loan files, client communications, and compliance documents securely.
   • Retain records for the duration required by federal and state laws.
8. Review State-Specific Bond Requirements
   • Confirm that your surety bonds are up to date and meet state requirements.
9. Stay Informed on Regulatory Changes
   • Monitor updates from NMLS, CFPB, and state regulatory bodies.
   • Adjust your practices as new regulations come into effect.
10. Engage with Licensing and Compliance Experts
    • Consult professionals to address complex compliance questions.
    • Outsource tasks like reporting or audits to streamline operations.

Regular compliance ensures smoother operations, avoids penalties, and builds client trust. Stay proactive! Navigating mortgage compliance doesn’t have to be complicated or stressful. One Rose Consulting, LLC specializes in helping mortgage brokers like you stay ahead of regulatory changes, ensuring a smooth and hassle-free licensing process. Let our experts handle your licensing and compliance with ease, so you can focus on growing your business with confidence. 

Contact us today and make licensing and compliance easy!