Monday, January 25, 2010

Are There Any Wholesale Banks Still Out There?

I’ve got mortgage broker clients that are in a bind because their lenders will not let them close loans if their renewals haven’t come through (even though the state banking department still allows the mortgage broker to continue to solicit new business and close loans). So, if there is anyone out there who knows of lenders out there who wish to work with retail mortgage brokers, please send me an email to: Robin@mortgagelicensesolutions.com and let me know their contact information. If anyone actually does send me any names, I will investigate whether they are legitimate, what their requirements are, and let my readers know about them. This could be beneficial for mortgage brokers looking for new lenders and for lenders who want to work with more mortgage brokers.

Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!

Monday, January 11, 2010

How to Close Loans if Your Renewal License Hasn’t Come Through

I have received a number of phone calls from mortgage broker clients who have submitted renewals of their licenses but either the new license hasn’t been sent out yet or the approval of whether the license would be renewed has not yet been received. Either way, their lenders were refusing to let loans close without a new license. They were asking what they should do so their loans could close.

Many states are not printing new licenses when the old licenses expire. These states have made the decision to save on postage and paper costs and they will never go back to printing paper licenses. But, lenders are acting as if they are not aware of these decisions. If you are licensed in a state that has stopped printing paper licenses, you should look at the state’s licensing database. Many times, the state is updating their database to show which licensees are currently licensed and which licensees have expired licenses. If your state’s database shows that you are currently licensed, many lenders will accept a copy of the database which shows that your license is active. Then, they will let you close loans in that state.

If you are in one of the states which has stopped updating its licensing database, you must ask lenders to call your state’s banking department to confirm that you are licensed. The regulators will not give out letters to each mortgage broker to confirm that it has an active license nor will it give out letters to lenders who want to know whether a specific mortgage has a current license.

What if your renewal license application has not yet been approved? Most states will allow you to close loans while the decision on approving your renewal is pending, if you had submitted your renewal application in a timely manner. If you are licensed in such a state, you too can ask your lenders to call the state regulator to confirm that they permit you to close out your pipeline, while your renewal is pending. Some states also allow you to solicit new business while you are waiting for your license renewal.

Eventually, the public will have access to the NMLS databases, which will make it very easy for lenders to confirm that you are licensed where you say you are licensed. Until that actually happens, the beginning of the new year can be a scramble for mortgage brokers.

Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!

Monday, January 4, 2010

Missed the Deadline for Renewing Your License Through the NMLS?

The license renewal period on the Nationwide Mortgage Licensing System (NMLS) ran from November 1, 2009 through December 31, 2009. What if you didn’t get around to renewing your license through the NMLS?

Different states have allowed a late renewal or reinstatement (for an extra fee, of course). Here’s the link for more information: http://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/RenewalStates.aspx

Hurry up! Your state may allow a renewal request only through January 15, 2010. In other states, if you didn’t request a renewal of your license, it has expired and you need to apply for a new license.

Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!