How To Get Ready to Renew Your Licenses Through the NMLS

The Nationwide Mortgage Licensing System (NMLS) has just notified company administrators that license renewals are coming soon. Actually, license renewals start on November 1, 2010. Each state that is currently on the NMLS has its own set of requirements for what the company, each branch office and each loan originator must do in order to renew its licenses. Additionally, each state has individual time frames for when the license renewals must be completed. And each state charges a different amount for the license renewal fees. However, the NMLS is charging it own fees for license renewals – each company must pay $100 to the NMLS, each branch office must pay $20 and each loan originator must pay $30. These NMLS fees are in addition to the state’s renewal license fees.

If you are licensed in multiple states, your cash outlay at the end of the year can total thousands of dollars, so start hoarding cash now.

Many states are requiring continuing education for loan originators for the first time. The SAFE Act requires 8 hours of continuing education, but some states require state-specific hours on top of the 8 that the SAFE Act requires. All continuing education must be taken from NMLS-approved providers.

Some states are requiring licensees to submit certain documentation in addition to processing the renewal through the NMLS. In some states, that documentation must be submitted before the renewal is done, and in other states, the documentation must be submitted simultaneously with the NMLS renewal.

Get familiar with the requirements that you must follow by going to this URL:
http://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx

and selecting each state in which you are licensed to see exactly what requirements you will need to follow in order to get successfully renewed. Remember, there is a huge rush to renew just before licenses expire on December 31st and state regulators will not be able to process that huge backlog that quickly. If your lenders want to see a renewed license on January 3, 2011, you can’t wait for the last minute.

Contact Robin Gronsky at Robin@Mortgagelicensesolutions.com if you need help with your licensing renewals. I’ll keep what you tell me confidential but I cannot give you any specific legal advice until you become a client of the firm. This is done by written agreement only.