State Regulators Encourage Licensees to Prepare for the NMLS Renewal Period
The Conference of State Bank Supervisors encourages state licensees to begin taking steps to prepare for the Nationwide State Licensing System license renewal period. CSBS and state regulators urge licensees to update their NMLS record to ensure accuracy, reset NMLS passwords to meet the new March requirements, verify that a current email address is provided to receive system updates, be aware of any new state-specific renewal requirements, and to complete available training to be familiar with the renewal process.
Information on NMLS renewal is available on the Annual Renewal page of the NMLS Resource Center (www.nmls.org). The NMLS renewal period for state licenses began Nov. 1 and ends at midnight ET on Dec. 31.
State-licensed MLOs must also have completed annual continuing education requirements to renew their licenses.
Federally registered MLOs and institutions must also renew their registrations via NMLS by Dec. 31. More information for federal registrants is available on the NMLS Federal Registry Resources page.
More than 261,000 mortgage loan originators and companies are licensed to conduct business, accounting for nearly 1.1 million state licenses to be renewed. There are nearly 21,000 more MLOs eligible to renew their licenses than this time last year. In addition, the number of individual state licenses eligible for renewal is 13 percent higher than the same time last year, while the number of company licenses eligible for renewal is up 16 percent compared to this time last year.
“We recommend that licensees do a bit of housekeeping and take advantage of trainings and other resources to get their questions answered in advance of starting the renewal process,” said Kelly O’Sullivan, chair of the NMLS Policy Committee and deputy commissioner of the Montana Division of Banking and Financial Institutions. “This is especially important for the nearly 20,000 licensees who will be renewing for the first time. We want to make sure that they are taking steps now to ensure a smooth renewal process.”
Effective Oct. 17, licensees as well as federal registrants can submit an online support request form to resolve certain NMLS access issues including password resets or locks, and email address changes to facilitate the renewal process upfront.
MBA members are encouraged to review and complete company and mortgage loan originator license renewals when the window opens to avoid interruptions to business operations.
For more information, contact Kobie Pruitt at (202) 557-2870.
