Don’t Forget Loan Originators on the NMLS Must Renew Their Licenses

Mortgage companies who are on the NMLS have probably paid attention to their notices to renew the company license through the NMLS. But how many of you have reminded your loan originators to renew their licenses?

Although the renewal process is started on the NMLS, each state has its own follow-up requirements. For instance, in Mississippi, Rhode Island, and Washington, loan originators must submit proof that required continuing education has been completed. In Vermont, loan officers must submit their certification that they do not owe any Vermont taxes and that they do not owe child support. The other states on the NMLS do not require anything from loan officers after they have completed their NMLS renewals.

In order to renew, you must log in to the NMLS, go to Renewals, attest that your record has not changed (did you change employers, did your employer move their offices?), then renew and pay.

Connecticut does not renew until next year and New York is renewing outside the NMLS system. So, check with your state and make sure to renew if it is required.

Hire Talent Now

Although much of the mortgage industry is disappearing, you may be bucking the tide and having a good year. Or you may be holding your own, unlike your competitors who are closing up their shops. If you have any plans to be around at the next up part of the cycle, now is the time to hire the talent that is flooding the streets.

Although wages and commissions may be the most costly part of your overhead, if you don’t have the best people working for you, you will never get ahead. Now you have the time to be choosy. You have time to read the resumes, interview the candidates, and check references. You are not desperate to just get bodies in the office, talking to customers. In addition to the hard skills that you always ask for (ability to bring in lots of new loans or strong processing experience), you can now look at how your newest employees will fit into your organization and how likeable they are.

Don’t hire people who seem desperate to get any job. They will leave you when the good times come. And that will cost you in company morale and training costs. You will uncover some excellent talent in a slow job market so wait until the hidden gems emerge. And snatch them up. They will help you move into the next profitable business cycle.