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

Uniform Authorized Agent Reporting (UAAR) Onboarding Program

Updated: August 20, 2014

I. UAAR Goals and Principles

• II. UAAR Background
• III. UAAR Onboarding Program Overview
• IV. Onboarding Resources and Support
• V. Questions

2

Webinar Overview

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

• f information through NMLS.

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• 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 Goals and Principles

• 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

– Legal Name* – EIN* – Physical Address* – Principal provided Identifier – Mailing Address* – DBA – Phone Number * – Contact Person* – Start Date* – End Date – Conducts Business in Other States

UAAR Background ‐ Overview

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 – Industry Workflow

• 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 Background ‐ Fees

• 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

• ccurred 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 4th quarter update of Agent locations (45 days after the first day of the quarter).

UAAR Onboarding Overview

• NMLS Resource Center

– Quick Guide provides step‐by‐step instructions on submitting an authorized Agent file. – Help Documents provide more detailed guidance

• n 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.

UAAR Onboarding Resources