Starting next week, all company mortgage licensees (mortgage bankers, mortgage lenders, and mortgage brokers) must renew the licenses that expire on December 31, 2010. For those of you who are licensed in states that transitioned onto the Nationwide Mortgage Licensing System (NMLS) in 2008 or 2009, this transaction is old hat. For those of you who are renewing for the first time, you may be wondering about what the procedure is like. I have been helping clients with their NMLS renewals since 2008 so I’ve been down this road before.
The renewal process for most states starts with your using the NMLS to indicate which licenses you are renewing. You attest to your company record and pay the renewal and NMLS fees. You should be aware that there are still several states that are not renewing company licenses through the NMLS (although they may be renewing loan originator licenses through the NMLS). These states are CA-DRE, Hawaii, Maine, Florida, Utah-DFI, Nevada, Minnesota, and Delaware. If you are licensed in one of those states that are not renewing through the NMLS, you should have received your renewal license application and instructions already. If you have not, you should call your state licensing agency and request the renewal materials. You want to start the renewal process as early as you can.
Once your company has renewed its licenses through the NMLS, you need to review the jurisdictional checklist for each state in which your company is licensed. Print out the Renewals Checklist for each state and complete the Checklist. Send in each Checklist together with all additional documentation that is required to each state regulatory agency.
The state may take a few weeks to process your renewal application and additional documentation. If you have not sent in the additional documentation and checklist, the reviewer will post the items still needed on the Task List associated with your company’s MU1 record. You need to keep checking to see if the Task List is changed. You can also view the company’s license status by clicking on the Composite tab and looking at the View license/Registration List.
If you wait until the end of December to renew your licenses, it is likely that your renewal approval will not come through until some time in January. This creates problems for mortgage brokers whose investors will not let them close without a 2011 license. Don’t wait until the last minute to renew.
Contact Robin Gronsky at Robin@Mortgagelicensesolutions.com if you need help with your licensing (company or MLO) renewals.
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