Wednesday, December 2, 2009

New Jersey Transitioning to NMLS Starting January 4, 2010

New Jersey will start its transition to the Nationwide Mortgage Licensing System (NMLS) on January 4, 2010. In the meantime, while they are preparing the transition, the Department of Banking and Insurance (DOBI) is not accepting any new license applications or changes to an existing license.

All current licensees must complete the transition process by April 30, 2010. If you hold an inactive license, you also must transition your license to the NMLS and fulfill all of the requirements under the new law to maintain your license. Mortgage solicitors who are currently registered with DOBI have until May 15, 2010 to transition their registration onto the NMLS and fulfill the new licensing requirements. All existing licenses and registrations expire on July 31, 2010. New Jersey will still require an officer, member, director, partner or owner to maintain an Individual License for each company under the new law.

Companies and mortgage solicitors who have not yet been licensed will start the application process on the NMLS starting January 4, 2010. All licenses that are issued in 2010 will expire on December 31, 2010.

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