The Nationwide Mortgage Licensing System opened up the Mortgage Call Report for the first filing in May, 2011. All mortgage broker and mortgage lender/banker licensees must file quarterly reports regarding their loan applications and their closed loans. I have clients that are licensed in multiple states and both originate and broker loans. For this type of licensee, there are about 38 questions to answer, for each state report. That was a lot of information to compile and submit. You even had to file a report if you had no loan activity. What are the consequences of not filing a Mortgage Call Report?
Starting June 16, 2011, your state regulator will place a deficiency on your license if you did not file the Mortgage Call Report. Although it has not been spelled out as to the exact issues that you will face, it is possible that you will not be able to originate loans until you clear the deficiency. If you did not file your first Mortgage Call Report because you were too busy closing loans, I would be happy to help you file your Report. Don’t forget, this is a quarterly obligation and the next Mortgage Call Report is due August 14, 2011 for data from April 1, 2011 through June 30, 2011.
Showing posts with label mortgage loan officer license. Show all posts
Showing posts with label mortgage loan officer license. Show all posts
Wednesday, June 15, 2011
Monday, November 1, 2010
How Do You Renew Your Individual Loan Originator License Through the NMLS?
Starting today, all mortgage loan originator licensees (usually called loan officers) 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. If you have licenses that you are not renewing, you must actively indicate through the NMLS that you are not renewing those licenses. You can change your mind even if you click on “Do Not Renew.” You should also review your record to make sure that all of the information is up-to-date. Did you change your residence, did your company move its offices? All of your record should be accurate. You then attest to your individual record and pay the renewal and NMLS fees. If you took your pre-licensing education in 2008 or 2009, you must have taken 8 hours of continuing education in 2010 in order to get approval for your renewal license application.
Once you have renewed your licenses through the NMLS, you need to review the jurisdictional checklist for each state in which you are licensed. Print out the Renewals Checklist for each state and complete the Checklist. Although many of the states do not require additional documentation, you need to check the uniform checklist at http://mortgage.nationwidelicensingsystem.org/slr/common/renewals/NMLSDocumentLibrary/UniformIndividualRenewalChecklist.pdf
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 MU4 record. You need to keep checking to see if the Task List is changed. You can also view your license status by clicking on the Composite tab and looking at the View license/Registration List or by calling your state regulatory agency and speak to the reviewer.
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 you when your investors will not let you 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 renewals.
The renewal process for most states starts with your using the NMLS to indicate which licenses you are renewing. If you have licenses that you are not renewing, you must actively indicate through the NMLS that you are not renewing those licenses. You can change your mind even if you click on “Do Not Renew.” You should also review your record to make sure that all of the information is up-to-date. Did you change your residence, did your company move its offices? All of your record should be accurate. You then attest to your individual record and pay the renewal and NMLS fees. If you took your pre-licensing education in 2008 or 2009, you must have taken 8 hours of continuing education in 2010 in order to get approval for your renewal license application.
Once you have renewed your licenses through the NMLS, you need to review the jurisdictional checklist for each state in which you are licensed. Print out the Renewals Checklist for each state and complete the Checklist. Although many of the states do not require additional documentation, you need to check the uniform checklist at http://mortgage.nationwidelicensingsystem.org/slr/common/renewals/NMLSDocumentLibrary/UniformIndividualRenewalChecklist.pdf
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 MU4 record. You need to keep checking to see if the Task List is changed. You can also view your license status by clicking on the Composite tab and looking at the View license/Registration List or by calling your state regulatory agency and speak to the reviewer.
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 you when your investors will not let you 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 renewals.
Monday, August 16, 2010
Continuing Education For Mortgage Loan Originators
Most mortgage loan originators (MLOs) are now aware that they have a requirement to take 20 hours of pre-licensing education in order to get their license. Many of you are unaware that the SAFE Act requires that you also take 8 hours of continuing education each year. The continuing education must be comprised of 3 hours of federal laws and regulations, 2 hours of ethics, 2 hours of training related to lending standards for the nontraditional mortgage product market, and 1 hour of undefined instruction on mortgage origination. Each state has the obligation to refine these requirements.
If you are licensed in a state that required you to take the 20 hours of pre-licensing education in 2009, then in order to renew your license in November, 2010, you will need to complete your continuing education hours by December 31, 2010. If you are licensed in more than one state, you should check with each state’s regulatory agency to make sure that you complete that state’s continuing education requirements. If you took your 20 hours of pre-licensing education in 2010, you do not need to take continuing education until 2011.
Contact Robin Gronsky at Robin@Mortgagelicensesolutions.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.
If you are licensed in a state that required you to take the 20 hours of pre-licensing education in 2009, then in order to renew your license in November, 2010, you will need to complete your continuing education hours by December 31, 2010. If you are licensed in more than one state, you should check with each state’s regulatory agency to make sure that you complete that state’s continuing education requirements. If you took your 20 hours of pre-licensing education in 2010, you do not need to take continuing education until 2011.
Contact Robin Gronsky at Robin@Mortgagelicensesolutions.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.
Monday, July 26, 2010
Passing the Licensing Exams
Every loan officer must pass the national component of the NMLS exam if they want to originate mortgages. They must also pass at least one state component (or more than one, if they are licensed in more than one state). Yet, not every loan officer is passing the required exams. At least 25% of loan officers are not passing the national exam on their first try. Are you one of the 25%?
If you are, or if you haven’t taken the test yet, here is a piece of advice. Study for the exam. Don’t just wing it. The feedback that I am getting from my clients is that some of the questions on the exam are about information that you may rarely use as you originate loans. Ideally, the pre-licensing education that you took covered everything that you will be tested on. The reality is that the instructors who are teaching the pre-licensing education may be good or they may be bad and you may be not be taught everything that you need to know. Or you may be taking online education and just breezing through it to get the required hours in. You may think that you already know all of this because you’ve been doing it for 3 or 5 years. Or you are using the certification process to avoid taking the pre-licensing education.
Most of the material tested should be information that you do know off the top of your head and you should get really close to the passing grade without doing much homework. But, if you get too many of those random obscure questions wrong, you will fail the test.
Many employers are taking a hard line about getting your licensing requirements completed. After all, what good are you to them if you cannot originate loans? What good are you to your family if you cannot earn your livelihood? Take the licensing requirements seriously. Do the work that will get you past the hurdle of passing the state and national exams. Study the information that you didn’t know before. Review any books or notes that you took during your pre-licensing education. If you didn’t take pre-licensing education, find a cram course that is specifically geared towards passing these exams. Your job may depend on it.
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.
If you are, or if you haven’t taken the test yet, here is a piece of advice. Study for the exam. Don’t just wing it. The feedback that I am getting from my clients is that some of the questions on the exam are about information that you may rarely use as you originate loans. Ideally, the pre-licensing education that you took covered everything that you will be tested on. The reality is that the instructors who are teaching the pre-licensing education may be good or they may be bad and you may be not be taught everything that you need to know. Or you may be taking online education and just breezing through it to get the required hours in. You may think that you already know all of this because you’ve been doing it for 3 or 5 years. Or you are using the certification process to avoid taking the pre-licensing education.
Most of the material tested should be information that you do know off the top of your head and you should get really close to the passing grade without doing much homework. But, if you get too many of those random obscure questions wrong, you will fail the test.
Many employers are taking a hard line about getting your licensing requirements completed. After all, what good are you to them if you cannot originate loans? What good are you to your family if you cannot earn your livelihood? Take the licensing requirements seriously. Do the work that will get you past the hurdle of passing the state and national exams. Study the information that you didn’t know before. Review any books or notes that you took during your pre-licensing education. If you didn’t take pre-licensing education, find a cram course that is specifically geared towards passing these exams. Your job may depend on it.
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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