Uniform Authorized Agent Reporting (UAAR) Onboarding Program Updated: - PowerPoint PPT Presentation

Uniform Authorized Agent Reporting (UAAR) Onboarding Program Updated: August 20, 2014

Webinar Overview I. UAAR Goals and Principles II. UAAR Background III. UAAR Onboarding Program Overview IV. Onboarding Resources and Support V. Questions 2

UAAR Goals and Principles • Primary Goals – Provide state agencies with more consistent and reliable Authorized Agent (aka. Authorized Delegate) location information, including the ability to historically track specific Agent locations. – Provide industry the ability to report required information in a more efficient manner using a single file and single set of information through NMLS. 3

UAAR Goals and Principles • Principles – Company submits information regarding its Agents. – Agents themselves do not directly interact with NMLS. – After initial upload of active Agents, Licensed Company submits changes, additions, and deletions on a quarterly basis. – Agent location records are created when the system recognizes a unique combination of EIN and physical address. – NMLS can identify agents used by multiple companies. – States that require more frequent reporting can set more frequent license items.

UAAR Background ‐ Overview • Overview – Launched Summer 2013 – 149 companies with over 102,022 agent relationships currently in system – 14 States Currently Using UAAR: Idaho, Iowa, Kentucky, Louisiana, Maryland, Minnesota, New Hampshire, North Dakota, Oklahoma, Rhode Island, Tennessee, Vermont, Washington, Wyoming

UAAR Background ‐ Overview • Overview – 5 New States Implementing UAAR: Hawaii, Kansas, Nebraska, Puerto Rico, West Virginia – Georgia Implementing UAAR Outside of Onboarding Program Schedule

UAAR Background ‐ Overview • Agent Reporting Fields – DBA – Legal Name* – Phone Number * – EIN* – Contact Person* – Physical Address* – Start Date* – Principal provided Identifier – End Date – Mailing Address* – Conducts Business in Other States

UAAR Background – Industry Workflow 1. Utilize NMLS excel template to prepare agent information for upload 2. Upload spreadsheet through UAAR functionality in NMLS 3. Fix any address or data validation errors noted by the system and upload again 4. Attest to list of uploaded agents 5. Submit non ‐ validated addresses to SRR for posting 6. At the beginning of each quarter, upload any new or adjusted agents

UAAR Background ‐ Fees • UAAR Fee Structure: – Licensees assessed an annual processing fee of 25 cents per active Authorized Agent. – Annual processing fee capped at $25,000. – No licensee will pay an annual processing fee on the first 100 active Authorized Agents. – Onboarding states agents not subject to fee in 2014

UAAR Onboarding Overview • Onboarding Program Outcomes – Identify and alert companies that are expected to use UAAR. – Provide instructions and resources for companies to compile and report required information. – Provide NMLS Call Center resources to assist companies throughout onboarding.

UAAR Onboarding Overview • Onboarding Outcomes (continued) – By the end of the Program, companies will have all necessary information on existing Agent locations in NMLS – Beginning November 1, 2014, companies will begin providing quarterly updates on changes that have occurred since the last report (new Agent locations, changes to existing locations, or terminated locations).

UAAR Onboarding Overview • Timeline – July 14 – August 8: Licensees notified of new UAAR reporting requirements. – August 20 – September 10: Onboarding Kickoff Webinars for Industry. – August 16 – September 19: Companies in participating states conduct initial upload of current authorized agent locations. – September 26: Follow ‐ up call with SRR and participating companies to address any outstanding questions.

UAAR Onboarding Overview • Timeline (continued) – September 26 ‐ October 3: Companies make any necessary revisions/updates to Agent location information – October 3 – October 31: State regulators review uploads and may contact companies with questions. – January 1: License items set for any updates to Agent location information during the last calendar quarter. – February 15: Deadline to make 4 th quarter update of Agent locations (45 days after the first day of the quarter).

UAAR Onboarding Resources • NMLS Resource Center – Quick Guide provides step ‐ by ‐ step instructions on submitting an authorized Agent file. – Help Documents provide more detailed guidance on uploading, updating, and removing authorized Agent locations. – Formatted template can be populated with Agent location information and uploaded in NMLS

UAAR Onboarding Resources • NMLS Resource Center (continued) – FAQs provide answers to commonly asked questions regarding UAAR. – Upload File and Results File Specification Document provides definitions of UAAR fields and result messages. – Training video available

UAAR Onboarding Resources • Webinars/Conference Calls – Industry “Kickoff” webinars • August 20 • September 10 – Follow up call with Industry on September 26 – Additional webinars may be scheduled if necessary.