Keeping Up With the Your State’s Transition to the NMLS

Most of the states have fully transitioned their licensing to the Nationwide Mortgage Licensing System (NMLS). But other states have transitioned only parts of their licensing – either they use the NMLS for the mortgage loan originator (MLO) licensing and company licenses are still done through the state banking department (or whatever the state calls the agency who is responsible for mortgage industry licensing) or the company and branch licenses are done through the NMLS and the MLO licensing will transition at a later date.

You must keep up with the NMLS transition requirements for each state in which you are licensed. If you don’t and you miss the transition deadline, you are treated as a new applicant and you will undergo a full application process and pay the higher fees that a new application requires. The NMLS website (http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx) has a “State Licensing News” section which updates all state transitioning information. You can also check with the websites of each state agency that licenses mortgage bankers, mortgages brokers and loan originators. If the state which licenses you has a mailing list, sign up for it. You will get newsletters or emails that keep you up-to-date with the latest information from that state, with little effort on your part (as long as you read the newsletters and emails).

On March 31, 2010, Oregon (company and branch licenses), Illinois (company and branch licenses), and Wisconsin (all licenses) finish their transitions for the licenses listed. If you are licensed in any one of these 3 states, get your transition for these licenses completed by the end of this month. Again, you need to keep aware of when the other licenses start their transitions in Oregon and Illinois and how to deal with new applications.

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