Washington D.C. Licenses – New Law That You Need to Follow!

Washington D.C. will start using the Nationwide Mortgage Licensing System (NMLS) on August 1, 2009. What do you need to know if you have a Washington D.C. Mortgage Broker/Lender/Dual Authority License? What are the requirements if you want to get a new Washington D.C. license?

If you currently have a Washington D.C. license that expires between July 1, 2009 and December 31, 2009, you will be renewing your license the same way you have always renewed it – a lengthy paper renewal application with a great deal of supporting documentation. Payments of your renewal fee must be by check and sent to the post office lockbox. Your new license will expire on December 31, 2010, when it will need to be renewed. Your renewal fees will be prorated; the assessment fee will not.

Between August 1, 2009 and October 31, 2009, you must create your company record on the NMLS (and pay the NMLS registration fee which is separate and apart from any fees that you pay for your renewal license to the DC Department of Insurance, Securities and Banking). If you have never applied for a license through the NMLS, you must access the NMLS website at www.stateregulatoryregistry.org/NMLS and complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. Within a few days, the NMLS sends you via email your log-in information. If you already have an NMLS account, you simply go into your company account and add Washington D.C. as an additional jurisdiction.

The Department of Insurance, Securities, and Banking is not accepting new license applications through July 31, 2009. Starting August 1, 2009, if you wish to apply for a new Washington D.C. license, you will apply for it through the NMLS.

The Department of Securities, Insurance and Banking is still creating regulations for the new licensing procedures and the licensing of loan originators. As I hear of them, I will pass them on in this blog.

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!