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.
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.
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.