A large number of states have imposed a July 31, 2010 deadline for loan officers to complete their licensing requirements. In some states, all loan officers are subject to the same deadlines. In other states, loan officers who transitioned to the Nationwide Mortgage Licensing System at different times were deemed “licensed” on a certain date and their deadlines may be different from other loan officers (who even work in the same office) who were deemed “licensed” on a different date. You need to know which category of licensee you fall into and what your deadlines are. If you miss your deadline, you may not be able to originate loans once the deadline for licensing passes.
You should check the chart at http://mortgage.nationwidelicensingsystem.org/profreq/Documents/SAFE%20Compliant%20Requirements.pdf for the deadlines of each state in which you are or wish to be licensed to ensure that you meet your deadlines. The chart gets updated every few weeks so you may want to bookmark it and re-check periodically. Do not wait for the last week of July to try to complete your requirements. If the regulatory agency in your state is inundated with last-minute test results, criminal background checks, or other required documentation, they may not be able to process everything in a timely manner. And you will be left waiting.
Contact Robin Gronsky at Rgronsky@Gronskylaw.com if you want to explore expanding into new states or need help with your licensing applications (company or loan originator). 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.
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