Monthly Archives: October 2014

Annual Renewal Period Begins November 1; Early CE Deadlines Fast Approaching


The annual license renewal season begins tomorrow, November 1. As a condition to file for renewal MLO’s must complete their annual continuing education.

SMART DEADLINE: CE course(s) reported to NMLS by Friday, December 19
At RISK TO MISS RENEWAL: Course(s) reported to NMLS by Friday, December 26
GUARANTEED TO MISS RENEWAL: Course(s) reported to NMLS on Wednesday, December 31

Many agencies have unique state-specific education requirements and/or CE deadlines sooner than those listed above:

October 31          GA
November 1       DC
November 30    KY, WV
December 1       DE, IA, KS, PR, VT
December 15     ID, UT-DRE, WA

MLOs are also reminded that Your License is Your Business and to submit for renewal early. 94% of renewal applications submitted by November 30 are approved by December 31.

NMLS Renewal Campaign

State Regulatory Registry LLC Launches “Your License is Your Business” Campaign


As the 2015 Nationwide Multistate Licensing System (NMLS) renewal period approaches, the State Regulatory Registry LLC (SRR), operator of the NMLS, is encouraging non-depository entities licensed through the System to submit their annual renewal requests in November.

With the launch of its “Your License is Your Business” renewal campaign, SRR seeks to educate businesses and individuals licensed through the System that submitting 2015 renewal requests in November significantly reduces the likelihood of a lapse in licensing, and a disruption in business going into January.

“Renewal requests submitted in November nearly always result in approval by year-end and no disruption in a licensee’s ability to conduct business,” explained Sue Clark, Director, Regulatory & Consumer Affairs for the State of Vermont Department of Financial Regulation and Chair of the NMLS Policy Committee. “When looking at the numbers we found that 94 percent of all renewal applications submitted during November were approved by December 31,” Clark said.
NMLS Renewal Campaign November-medium

Renewing Your License
Over the past several years, improvements have been made to NMLS to make the renewal process easier for both licensees and regulators. These changes include an automated process for licenses without deficiencies, improved work flow, and a requirement for MLOs to complete continuing education prior to submission, which allows regulators to focus on applications that are ready, speeding up processing times for all licensees.

Renewing a license in NMLS is easy, and yet too many licensees lose their ability to operate in January because they submit their requests in late December.

Review. Select. Pay. Submit.
Starting on November 1, to renew a license through NMLS one must first have an existing license, which is required to log into the System. Once logged-in, one must simply review the license record, select the state agency or agencies and the license type, pay associated fees, and submit the renewal request. Because licensees are expected to keep their license information up to date throughout the year, there is only a small amount of preparatory work to do at renewal for most licensees. It’s important to also note that some state agencies have additional requirements that must be satisfied outside of NMLS.

Renew in 15 Minutes
For the 277 company licenses and registration types managed on NMLS, 140 do not have additional requirements for renewal that must be submitted outside NMLS. For the 89 MLO license authorities managed on NMLS, 63 do not have additional requirements that must be submitted outside NMLS. Therefore, in these states it should only take a licensee about 15 minutes to log in to NMLS, ensure their information is up to date, select their state, pay their fee, and submit.

Licensees are encouraged to start reviewing their license records now and submit renewal requests by November 15th. Regulators require time to process amendment filings for the record and may not take action on a renewal request until these items have been reviewed.

More information about renewing through NMLS can be found on the Streamlined Annual Renewals page of the NMLS Resource Center.
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In support of the campaign, SRR has released the following statistics:

  • There were 30,853 company license renewal applications submitted through NMLS last year, of these:
    • 87% submitted in November were approved by December 31st,
    • 75% submitted between December 1st and December 15th were approved by December 31st, and
    • 46% submitted after December 15th were approved by December 31st.
  • There were 250,937 mortgage loan originator license renewal applications submitted through NMLS last year, of these:
    • 94% submitted in November were approved by December 31st,
    • 80% submitted between December 1st and December 15th were approved by December 31st, and
    • 45% submitted after December 15th were approved by December 31st.
  • Despite the high success rate and NMLS streamlined processing, only about two-thirds of license renewal requests are submitted in November.

    NMLS Renewal Campaign

Conf Call Scheduled for October 16 to Discuss Changes Being Made to the Functional Spec


NMLS will host two conference calls with approved course providers to review the annual update to the Functional Specifications for All NMLS Approved Courses which has now been posted on the course provider page of the Resource Center. Call attendance is strongly recommended due to the importance of the updates.

Two call have been scheduled for Thursday, October 16th at 10:00 am ET and another later in the day at 4:00pm ET. Organizations wishing to participate on the call are requested to respond to Mike Bray (mbray@csbs.org) no later than October 14th. Please be sure to include your name, e-mail address and course provider name. Call-in details will be emailed on October 15th.

Closely Review New and Unique State Education Requirements


Many state agencies have new or unique education requirements and course providers are advised to carefully review and understand them prior to advising an MLO about what education they need to complete. 28 agencies now have a state-specific PE requirement and 22 agencies have a state-specific CE requirement. Additionally, agencies in AZ, CO, KY, NC, NY, OK, and UT have very specific education requirements which if not met may result in a licensee having a deficiency placed on their license. Many states also have a CE completion deadlines that is earlier than the renewal deadline. Information on every agency’s education requirements, to include any unique requirements and deadlines, is contained in the State-Specific Education Charts. The most recent version is dated September 12, 2014.

Additionally, in coordination with state agencies, NMLS has published a number of Education Notices. The notices are intended to inform education providers of course content and time requirements that must be met as a condition for course approval. Fifteen notices have been published to date and NMLS intends to have a notice for every state with a state-specific education requirement by mid-2015.

Both the State-Specific Education Charts and the Education Notices are published on the course provider page of the NMLS Resource Center. Additionally, if an MLO has a question about what education they need to complete they should be referred to the NMLS Call Center at 855-NMLS-123 or 855-665-7123.

New Education Notice for CA-DBO Posted


The California Department of Business Oversight (CA-DBO) has informed NMLS that in accordance with recently enacted California legislation, individuals seeking to obtain a MLO license with CA-DBO will be required to complete two (2) hours of California DBO-specific PE effective January 1, 2015.  This requirement is in addition to the existing PE requirements in California. The total number of PE hours required in California has not increased, but the course content requirements have changed to effectively replace what was a required general elective with an agency-specific elective.  Additionally, MLOs seeking to maintain an MLO license will be required to complete one (1) hour of California DBO-specific CE as a condition for licensure renewal also effective January 1, 2015.   The total number of CE hours required in California has not increased, but the course content requirements have changed to effectively replace what was a required general elective with an agency-specific elective.

NMLS has posted an Education Notice for CA-DBO explaining in detail the new education requirement. Course providers intending to offer courses to meet the new requirement need to pay close attention to the details contained in the notice. The notice may be found on the course provider section of the NMLS Resource Center under the section Important Policy Information.

It should be noted that there is currently no change in the education requirements for individuals seeking to acquire and/or to maintain the MLO endorsement with CA-BRE.

Notice Regarding Acceptance of Late CE Courses for 2015 Catalog Posted


NMLS has updated it notice regarding Late CE courses for the new catalog to be posted January 2, 2015.   Late CE courses are those courses that an MLO is required to complete to make-up a previous year’s CE requirement.  The upcoming catalog will satisfy outstanding CE requirements for years 2010 through 2014.  Courses considered for the Late CE catalog are required to be a duplicate of currently approved courses which have a specific course number and offering so that credit can be retroactively applied to a previous year.

Changes regarding the administration of Late CE and the number and types of courses that are included in the catalog were made last year.  The notice details these changes and  is available on the submitting courses for approval page of  the NMLS Resource Center.  Course providers seeking to participate in the Late CE catalog must meet the deadlines and other criteria as detailed out in the notice.  Questions regarding Late CE courses are to be directed to Jessica Ayton (JAyton@CSBS.org).