December 31st was the deadline for renewing your company and loan originator licenses. A number of my clients were very busy at the end of December trying to close loans. I was calling them every week to see whether they had renewed their licenses, or to find out whether their cash flow was sufficient for me to renew their licenses and charge the renewal fees to their credit cards. If you didn’t have someone calling you to remind you to start the renewal process by December 31st, are you sure you renewed all of your licenses?
The Nationwide Mortgage Licensing System (NMLS) has been sending out emails to all company administrators informing them of any licenses that were not renewed. If you received one of these emails, you are now aware that you messed up if you had intentions of renewing a particular license (although I’m sure that many of the “failure to renew licenses” were deliberate decisions not to renew a license). Even if you did not receive that email yet, you may now be realizing that you missed a renewal or one of your loan officers may have forgotten to renew his/her license. What can you do now?
Some states allow its licensees to renew late. It is a state by state decision and the time periods for getting in a “late” renewal vary by state. You can have only 15 days up to 2 months, depending on which state’s license you need. In most cases, you will need to pay a late fee but it’s much cheaper than starting a new license application from the beginning. You can see if your state is accepting late renewals by going to http://mortgage.nationwidelicensingsystem.org/SLR/COMMON/RENEWALS/Pages/default.aspx
and clicking on the Renewals Deadline Chart in step 3 for the chart of all states.
What if your state does not accept a reinstatement of your license (since it has technically expired as of December 31, 2010)? Call your state regulatory agency and speak to the reviewers in the licensing division and find out whether you need to submit an entire new application. Make that call immediately if you need to reinstate any of your licenses or those of your loan officers.
If you do need to reinstate a license, plan now for the renewals period that starts November, 2011. Set firm deadlines on your calendar to assess which licenses you will want to renew (are you making enough money from every branch office and every loan officer?). If your company NMLS administrator is you and you are usually too busy at the end of the year to handle this job, delegate it to an employee or hire an outside company that will take care of it for you. After all, if you don't have a license, you cannot make any money at all.
Showing posts with label license renewals. Show all posts
Showing posts with label license renewals. Show all posts
Monday, January 3, 2011
Monday, December 20, 2010
The December 31st Deadline is Quickly Approaching – Does It Affect You?
December 31st is the deadline for quite of number of people in the mortgage business. Many licenses expire and must be renewed. Certain states are completing their transitions to the Nationwide Mortgage Licensing System (NMLS) – Florida, Maryland, and Utah DFI. Hawaii received an extension from HUD through March 31, 2011 to complete its transition to the NMLS. This means that most of you are affected by the December 31st deadline.
Who is not affected? If you renewed your license already, and if you have completed all of your required continuing education, and you have submitted your checklist to your state regulatory agency, then December 31st doesn’t mean much to you. You may wish to contact your state regulatory agency to confirm that they have received everything from you that they need. At this time of the year, the reviewers are checking through thousands of renewal applications, so they may be delayed in approving or denying an application. But, you should check to make sure that you have sent in all required items.
The NMLS and most states are sending out generic reminders of various requirements for renewal. Read through each reminder in its entirety to make sure that it doesn’t apply to you. If it does apply, immediately schedule the work that needs to be done to bring you into compliance. Did you authorize your credit report to be pulled? Did you send in your checklist with all required documentation? Did you take all required continuing education? If you are not sure if the reminder applies to you, call your state regulatory agency and speak to someone in the licensing division. It’s better to be sure than to find out too late that you missed a requirement of your renewal. If you find that you are very busy this time of year, hire a licensing firm that can do most of the work for you and keep you apprised of what you still need to do.
If you are licensed in one of the states that is transitioning to the NMLS, you must decide whether you will transition your license in the next 10 days. I have several clients that are still making that decision and those state regulatory agencies are warning their licensees not to wait until the last minute to transition or they may not be properly licensed at the beginning of January. If you already have an NMLS record, the amount of time you need to spend to add a new state is not onerous (unless you are busy trying to close loans and make some money at this time of the year). If you have never been on the NMLS, you will be shocked at the amount of time it will take you to learn how to use the system. Plus, you must comply with all of the requirements of your license under the new statute.
I urge all mortgage company owners and all loan originators to take a few minutes to ensure that you have complied with all requirements to renew your licenses and/or to transition your licenses to the NMLS. You don’t want to be scrambling in January without a license.
Who is not affected? If you renewed your license already, and if you have completed all of your required continuing education, and you have submitted your checklist to your state regulatory agency, then December 31st doesn’t mean much to you. You may wish to contact your state regulatory agency to confirm that they have received everything from you that they need. At this time of the year, the reviewers are checking through thousands of renewal applications, so they may be delayed in approving or denying an application. But, you should check to make sure that you have sent in all required items.
The NMLS and most states are sending out generic reminders of various requirements for renewal. Read through each reminder in its entirety to make sure that it doesn’t apply to you. If it does apply, immediately schedule the work that needs to be done to bring you into compliance. Did you authorize your credit report to be pulled? Did you send in your checklist with all required documentation? Did you take all required continuing education? If you are not sure if the reminder applies to you, call your state regulatory agency and speak to someone in the licensing division. It’s better to be sure than to find out too late that you missed a requirement of your renewal. If you find that you are very busy this time of year, hire a licensing firm that can do most of the work for you and keep you apprised of what you still need to do.
If you are licensed in one of the states that is transitioning to the NMLS, you must decide whether you will transition your license in the next 10 days. I have several clients that are still making that decision and those state regulatory agencies are warning their licensees not to wait until the last minute to transition or they may not be properly licensed at the beginning of January. If you already have an NMLS record, the amount of time you need to spend to add a new state is not onerous (unless you are busy trying to close loans and make some money at this time of the year). If you have never been on the NMLS, you will be shocked at the amount of time it will take you to learn how to use the system. Plus, you must comply with all of the requirements of your license under the new statute.
I urge all mortgage company owners and all loan originators to take a few minutes to ensure that you have complied with all requirements to renew your licenses and/or to transition your licenses to the NMLS. You don’t want to be scrambling in January without a license.
Monday, December 6, 2010
Don’t Forget to Renew Your Branch Licenses
Once of my clients has several branches, some of which are doing great and others that are not doing so well. I’ve already been on the Nationwide Mortgage Licensing System (NMLS) to renew the company license and I’ve asked the owners whether they want to renew all of the branches or just some of the branches. At this point, I still don’t have an answer and there are only about 3 weeks left in the renewal season.
The NMLS provides for a system where you can renew all of your licenses in one fell swoop or you can renew at different times, depending on your circumstances. Maybe your cash flow doesn’t allow a big hit at the beginning of November for the renewal fees or your credit card limit is being exceeded by all of the fees. It’s not uncommon for companies to renew the license for the company first and to deal with the branch offices and loan originators later.
But with a looming expiration of December 31st on all licenses, you must take the necessary steps to renew whichever branch licenses you intend to keep. Some states have treat branch offices the same as the company in terms of licensing requirements (branch office manager industry experience, surety bond requirements) so you must ensure that all necessary documentation is submitted to the licensing agency as soon as possible.
And don’t forget that some states are not processing company and branch license renewals through the NMLS. You may need to check the website of any state that has not transitioned to the NMLS for their branch office renewal requirements.
The NMLS provides for a system where you can renew all of your licenses in one fell swoop or you can renew at different times, depending on your circumstances. Maybe your cash flow doesn’t allow a big hit at the beginning of November for the renewal fees or your credit card limit is being exceeded by all of the fees. It’s not uncommon for companies to renew the license for the company first and to deal with the branch offices and loan originators later.
But with a looming expiration of December 31st on all licenses, you must take the necessary steps to renew whichever branch licenses you intend to keep. Some states have treat branch offices the same as the company in terms of licensing requirements (branch office manager industry experience, surety bond requirements) so you must ensure that all necessary documentation is submitted to the licensing agency as soon as possible.
And don’t forget that some states are not processing company and branch license renewals through the NMLS. You may need to check the website of any state that has not transitioned to the NMLS for their branch office renewal requirements.
Monday, November 29, 2010
Why Your License Renewal Fees May Be So Cheap
I just renewed the licenses for one of my mortgage broker clients and its 6 loan originators. I used the company’s credit card for payment of the renewal fees and sent the payment confirmations (I print out every payment confirmation for every client) to my client with an explanation of what each confirmation was for. I also sent my client a quick memo explaining that this year’s renewal fees were much cheaper than next year’s renewal fees would be.
Why are this year’s renewal fees cheaper? My client has multiple licenses and some of its state licenses were transitioned to the Nationwide Mortgage Licensing System (NMLS) in 2008, some in 2009, and some in 2010. The states which transitioned onto the NMLS in 2008 and 2009 charged full renewal fees for the company, its branches, and its loan originators. The state that transitioned to the NMLS in 2010 did not charge a renewal fee because it essentially charged the renewal fee when the transition to the NMLS took place. For that state, my client paid only an NMLS administrative fee which is $30. For a company with one branch and 6 loan originators, it meant that my mortgage broker client was not paying hundreds of dollars in renewal fees at this time.
Next year, at this time, all of the company’s state banking departments will charge full renewal fees. This means that that this client (and all licensees) must have a stash of cash to pay for its renewals at one time. There is no more spreading out your renewal fees. And all states now renew annually (my client had a state license that renewed every two years) plus all the loan originators need to take continuing education next year.
If you are a mortgage lender or broker or a loan originator, and you transitioned to the NMLS in 2010, you spread out some of your fees over the course of this year. It may seem fairly inexpensive to now renew your licenses under the new statute. But, next year, you will be paying the full amount due in November or December. And you will need to take continuing education. Make sure you have enough in reserves to pay these necessary expenses.
Why are this year’s renewal fees cheaper? My client has multiple licenses and some of its state licenses were transitioned to the Nationwide Mortgage Licensing System (NMLS) in 2008, some in 2009, and some in 2010. The states which transitioned onto the NMLS in 2008 and 2009 charged full renewal fees for the company, its branches, and its loan originators. The state that transitioned to the NMLS in 2010 did not charge a renewal fee because it essentially charged the renewal fee when the transition to the NMLS took place. For that state, my client paid only an NMLS administrative fee which is $30. For a company with one branch and 6 loan originators, it meant that my mortgage broker client was not paying hundreds of dollars in renewal fees at this time.
Next year, at this time, all of the company’s state banking departments will charge full renewal fees. This means that that this client (and all licensees) must have a stash of cash to pay for its renewals at one time. There is no more spreading out your renewal fees. And all states now renew annually (my client had a state license that renewed every two years) plus all the loan originators need to take continuing education next year.
If you are a mortgage lender or broker or a loan originator, and you transitioned to the NMLS in 2010, you spread out some of your fees over the course of this year. It may seem fairly inexpensive to now renew your licenses under the new statute. But, next year, you will be paying the full amount due in November or December. And you will need to take continuing education. Make sure you have enough in reserves to pay these necessary expenses.
Monday, October 25, 2010
What Happens After You Renew Your Company License Through the NMLS?
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.
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.
Monday, October 4, 2010
Why Mortgage Companies Should Hire an Outside NMLS Administrator
Right about the beginning of October, you should have received an email or two from the Nationwide Mortgage Licensing System (NMLS) reminding you that you will need to renew your license fairly soon (the starting date for renewals is November 1 of each year). In addition to your company licenses, all of your loan officers (including you) must renew all of their licenses. This can add up to a lot of time – time that you and your loan officers could better spend finding new business. If you hire an outside administrator, that person could be the one spending all the time it takes to get through the renewal process. It could save you a great deal of money that your business would lose if your loan officers are spending hours trying to remember how to use the NMLS.
In most companies, the owner inputs the NMLS information himself and requires each loan officer to also input the information himself. Since this procedure is done once a year, most loan officers and owners have forgotten even their log-in names and passwords. They don’t remember what steps they need to take to renew their licenses. The NMLS is not particularly user-friendly and it may take hours for each loan officer to get through the procedures. In addition, most loan officers have no idea what requirements they need to meet in order to get approval for their renewals. As usual, each state has its own checklist in terms of continuing education, additional documents, and fees.
An outside administrator will know what requirements are in effect for each state and should be communicating to each of their clients, in advance, what will be required for each company, branch and loan originator in order to get the renewals approved. That information, coupled with an outside administrator’s expertise in working with the NMLS system itself, will save you time and money. You don’t want to find that you don’t have your licenses renewed when January rolls around. You could lose your entire business if you can’t close loans in January.
If you do decide to hire an outside administrator, you should do some research to find someone who works well with you and knows what they are doing as far as working with the NMLS and licensing laws are concerned. Check their websites to see what kind of information they provide to the public. You should also interview each outside administrator that you are considering. You should be asking that person (or company) several questions:
1. Are you the NMLS administrator for other mortgage companies and loan officers;
2. How long have you worked with the NMLS as an outside administrator;
3. Do you only do the input onto the NMLS system or do you follow up until the state regulator makes a decision on the license application;
4. Do you provide licensing information to your clients during the year or only at renewal time;
5. What fees do you charge and when do your clients pay them.
You should be talking to each outside administrator (or the person at the company who would be doing your work) to get a sense of how comfortable you feel with them. Does each person you talk to actually answer your questions? Do they seem knowledgeable? Was it difficult to reach them, either by telephone or email? Check their websites to see what kind of information they provide to the public.
If the administrator does not seem knowledgeable or interested in working with you and your loan officers (maybe your company is too small, maybe it’s too big), move on to the next name on your list. Choose the administrator who gives you the answers that make you comfortable and whose personality meshes with your own. Selecting the right NMLS administrator will save you both time and money while decreasing your stress level.
In most companies, the owner inputs the NMLS information himself and requires each loan officer to also input the information himself. Since this procedure is done once a year, most loan officers and owners have forgotten even their log-in names and passwords. They don’t remember what steps they need to take to renew their licenses. The NMLS is not particularly user-friendly and it may take hours for each loan officer to get through the procedures. In addition, most loan officers have no idea what requirements they need to meet in order to get approval for their renewals. As usual, each state has its own checklist in terms of continuing education, additional documents, and fees.
An outside administrator will know what requirements are in effect for each state and should be communicating to each of their clients, in advance, what will be required for each company, branch and loan originator in order to get the renewals approved. That information, coupled with an outside administrator’s expertise in working with the NMLS system itself, will save you time and money. You don’t want to find that you don’t have your licenses renewed when January rolls around. You could lose your entire business if you can’t close loans in January.
If you do decide to hire an outside administrator, you should do some research to find someone who works well with you and knows what they are doing as far as working with the NMLS and licensing laws are concerned. Check their websites to see what kind of information they provide to the public. You should also interview each outside administrator that you are considering. You should be asking that person (or company) several questions:
1. Are you the NMLS administrator for other mortgage companies and loan officers;
2. How long have you worked with the NMLS as an outside administrator;
3. Do you only do the input onto the NMLS system or do you follow up until the state regulator makes a decision on the license application;
4. Do you provide licensing information to your clients during the year or only at renewal time;
5. What fees do you charge and when do your clients pay them.
You should be talking to each outside administrator (or the person at the company who would be doing your work) to get a sense of how comfortable you feel with them. Does each person you talk to actually answer your questions? Do they seem knowledgeable? Was it difficult to reach them, either by telephone or email? Check their websites to see what kind of information they provide to the public.
If the administrator does not seem knowledgeable or interested in working with you and your loan officers (maybe your company is too small, maybe it’s too big), move on to the next name on your list. Choose the administrator who gives you the answers that make you comfortable and whose personality meshes with your own. Selecting the right NMLS administrator will save you both time and money while decreasing your stress level.
Monday, January 11, 2010
How to Close Loans if Your Renewal License Hasn’t Come Through
I have received a number of phone calls from mortgage broker clients who have submitted renewals of their licenses but either the new license hasn’t been sent out yet or the approval of whether the license would be renewed has not yet been received. Either way, their lenders were refusing to let loans close without a new license. They were asking what they should do so their loans could close.
Many states are not printing new licenses when the old licenses expire. These states have made the decision to save on postage and paper costs and they will never go back to printing paper licenses. But, lenders are acting as if they are not aware of these decisions. If you are licensed in a state that has stopped printing paper licenses, you should look at the state’s licensing database. Many times, the state is updating their database to show which licensees are currently licensed and which licensees have expired licenses. If your state’s database shows that you are currently licensed, many lenders will accept a copy of the database which shows that your license is active. Then, they will let you close loans in that state.
If you are in one of the states which has stopped updating its licensing database, you must ask lenders to call your state’s banking department to confirm that you are licensed. The regulators will not give out letters to each mortgage broker to confirm that it has an active license nor will it give out letters to lenders who want to know whether a specific mortgage has a current license.
What if your renewal license application has not yet been approved? Most states will allow you to close loans while the decision on approving your renewal is pending, if you had submitted your renewal application in a timely manner. If you are licensed in such a state, you too can ask your lenders to call the state regulator to confirm that they permit you to close out your pipeline, while your renewal is pending. Some states also allow you to solicit new business while you are waiting for your license renewal.
Eventually, the public will have access to the NMLS databases, which will make it very easy for lenders to confirm that you are licensed where you say you are licensed. Until that actually happens, the beginning of the new year can be a scramble for mortgage brokers.
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!
Many states are not printing new licenses when the old licenses expire. These states have made the decision to save on postage and paper costs and they will never go back to printing paper licenses. But, lenders are acting as if they are not aware of these decisions. If you are licensed in a state that has stopped printing paper licenses, you should look at the state’s licensing database. Many times, the state is updating their database to show which licensees are currently licensed and which licensees have expired licenses. If your state’s database shows that you are currently licensed, many lenders will accept a copy of the database which shows that your license is active. Then, they will let you close loans in that state.
If you are in one of the states which has stopped updating its licensing database, you must ask lenders to call your state’s banking department to confirm that you are licensed. The regulators will not give out letters to each mortgage broker to confirm that it has an active license nor will it give out letters to lenders who want to know whether a specific mortgage has a current license.
What if your renewal license application has not yet been approved? Most states will allow you to close loans while the decision on approving your renewal is pending, if you had submitted your renewal application in a timely manner. If you are licensed in such a state, you too can ask your lenders to call the state regulator to confirm that they permit you to close out your pipeline, while your renewal is pending. Some states also allow you to solicit new business while you are waiting for your license renewal.
Eventually, the public will have access to the NMLS databases, which will make it very easy for lenders to confirm that you are licensed where you say you are licensed. Until that actually happens, the beginning of the new year can be a scramble for mortgage brokers.
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!
Monday, January 4, 2010
Missed the Deadline for Renewing Your License Through the NMLS?
The license renewal period on the Nationwide Mortgage Licensing System (NMLS) ran from November 1, 2009 through December 31, 2009. What if you didn’t get around to renewing your license through the NMLS?
Different states have allowed a late renewal or reinstatement (for an extra fee, of course). Here’s the link for more information: http://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/RenewalStates.aspx
Hurry up! Your state may allow a renewal request only through January 15, 2010. In other states, if you didn’t request a renewal of your license, it has expired and you need to apply for a new license.
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!
Different states have allowed a late renewal or reinstatement (for an extra fee, of course). Here’s the link for more information: http://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/RenewalStates.aspx
Hurry up! Your state may allow a renewal request only through January 15, 2010. In other states, if you didn’t request a renewal of your license, it has expired and you need to apply for a new license.
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!
Friday, November 14, 2008
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.
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.
Wednesday, October 8, 2008
Renewals on the NMLS
You should have received an email from the Nationwide Mortgage License System (NMLS) notifying you that the renewal season is about to start. If you live in a state that has transitioned onto the NMLS, you need to renew your license. For states whose license period was not the calendar year, this may seem strange. When you moved your licensing record onto the NMLS, you were advised that all licenses would, in the future, expire on December 31st. Renewal fees for some states were prorated to accommodate the change in renewal dates.
In order to renew all of the licenses that you have on the NMLS, you need to review your records to make sure that all of the information is accurate. You can start doing that as of October 13th. Even if there are no changes, you must attest that your records are accurate. Regardless of whether there are any changes, each state may require that you send in additional paperwork, such as financial statements, continuation certificates for surety bonds, or proof that continuing education requirements have been met. Those additional documents must be submitted to the licensing agency within 5 days of your renewing your license. To find out what additional documentation is required, you need to check the NMLS website here:
http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Renewals&Template=/CM/ContentDisplay.cfm&ContentID=17970
Don’t forget that, in those states that license individual loan officers, each loan officer must update his/her record and renew his/her license. After that is done, the company must finish up the loan officer renewal process. Renewal for the company cannot be completed until after loan officer licensing is finished.
Remember that all license renewals must be reviewed by the state banking departments so get your renewals done by December 1, 2008. If you wait, your license may expire before your renewal license is issued.
In order to renew all of the licenses that you have on the NMLS, you need to review your records to make sure that all of the information is accurate. You can start doing that as of October 13th. Even if there are no changes, you must attest that your records are accurate. Regardless of whether there are any changes, each state may require that you send in additional paperwork, such as financial statements, continuation certificates for surety bonds, or proof that continuing education requirements have been met. Those additional documents must be submitted to the licensing agency within 5 days of your renewing your license. To find out what additional documentation is required, you need to check the NMLS website here:
http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Renewals&Template=/CM/ContentDisplay.cfm&ContentID=17970
Don’t forget that, in those states that license individual loan officers, each loan officer must update his/her record and renew his/her license. After that is done, the company must finish up the loan officer renewal process. Renewal for the company cannot be completed until after loan officer licensing is finished.
Remember that all license renewals must be reviewed by the state banking departments so get your renewals done by December 1, 2008. If you wait, your license may expire before your renewal license is issued.
Tuesday, April 1, 2008
Waiting until the last minute
I have just spent the last 2 days at my computer trying to get a client’s license renewal application through the state's online system. The amount of time I have wasted is staggering.
Most states have now moved their annual reports and license renewals to online systems. I’m sure it is much more convenient for the banking departments but for the person who must input the information, it is very time-consuming. Most of those states have stopped using paper forms so you don't even have a choice.
The person who designed the system has, in many cases, made it impossible to see all of the information that is being requested if all of the information on the current screen is not inputted. The system just does not let that page get submitted if you leave any blanks. So, unless you are doing the input for your own company, your assistant, compliance department, or lawyer must go screen by screen to learn what information will be needed and must input every field, leaving no blanks, or you can’t get any further. This means that, if another person than you is doing the input, they are requesting information in bits and pieces. I’m sure you love getting interrupted 10 times a day to answer questions regarding the same subject.
Worst of all is if you wait until the last minute to submit an annual report or file a license renewal. Today is the last day for the Georgia license renewal. Every screen that I tried to input showed an internal error with the server. All day yesterday, until 10:00 p.m., I tried to just start the procedure and was unable to do so. The system was overwhelmed with last-minute filers. My client had not notified me until yesterday that he intended to renew the license so I was not going to start the procedure if the client had no intention of renewing. I did start reminding him a month ago about this deadline. And, of course, I did not have all the information I needed to renew the license all at once. After taking a half-hour to get through the first set of questions, I needed to get more information and the people I needed to get me the information were unavailable. I'm sure this happens in your company as well.
So, my advice to all is not to wait until the last minute to file anything online. The systems inevitably crash from the overload and it will take you 10 times as long as it should to get the project done.
Most states have now moved their annual reports and license renewals to online systems. I’m sure it is much more convenient for the banking departments but for the person who must input the information, it is very time-consuming. Most of those states have stopped using paper forms so you don't even have a choice.
The person who designed the system has, in many cases, made it impossible to see all of the information that is being requested if all of the information on the current screen is not inputted. The system just does not let that page get submitted if you leave any blanks. So, unless you are doing the input for your own company, your assistant, compliance department, or lawyer must go screen by screen to learn what information will be needed and must input every field, leaving no blanks, or you can’t get any further. This means that, if another person than you is doing the input, they are requesting information in bits and pieces. I’m sure you love getting interrupted 10 times a day to answer questions regarding the same subject.
Worst of all is if you wait until the last minute to submit an annual report or file a license renewal. Today is the last day for the Georgia license renewal. Every screen that I tried to input showed an internal error with the server. All day yesterday, until 10:00 p.m., I tried to just start the procedure and was unable to do so. The system was overwhelmed with last-minute filers. My client had not notified me until yesterday that he intended to renew the license so I was not going to start the procedure if the client had no intention of renewing. I did start reminding him a month ago about this deadline. And, of course, I did not have all the information I needed to renew the license all at once. After taking a half-hour to get through the first set of questions, I needed to get more information and the people I needed to get me the information were unavailable. I'm sure this happens in your company as well.
So, my advice to all is not to wait until the last minute to file anything online. The systems inevitably crash from the overload and it will take you 10 times as long as it should to get the project done.
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