NMLS Announces ‘Your License is Your Business’ Renewal Campaign
The NMLS is launching its “Your License is Your Business” renewal campaign to encourage non-depository entities and mortgage loan originators (MLOs) licensed through the NMLS to submit their annual renewal requests early. Licensees should start reviewing their license records now, because companies and individuals who submit their applications early will have a greater chance of getting approved by the end of the year.
“Renewal requests submitted in November nearly always result in approval by year-end and no disruption in a licensee’s ability to conduct business,” says Sue Clark, Regulatory & Consumer Affairs Director for the Vermont Department of Financial Regulation and Chair of the NMLS Policy Committee. “When looking at the numbers we found 94 percent of all renewal applications submitted during November were approved by December 31.” By comparison, only 46 percent of license renewals requested after December 15 are approved by year-end.
Assuming a licensee has completed its professional requirements such as continuing education and kept its license information up to date throughout the year, renewing a license is simple. To renew a license, log into NMLS, review the license record, select the state agency and license type, pay the associated fees, and submit the renewal request. Further information about renewing a license through NMLS can be found here.
NMLS Adds New Licenses for Pennsylvania, Maine, and Connecticut
Two new states—Pennsylvania and Maine—are now receiving applications for new license types beyond the mortgage industry through the NMLS. The Pennsylvania Department of Banking and Securities has begun receiving new applications for the Debt Settlement License through the NMLS. The Maine Bureau of Consumer Credit Protection is also now taking new applications and transitional filings for the Money Transmitter License through NMLS. In addition, NMLS has begun accepting new application filings for the Mortgage Servicer License for the Connecticut Department of Banking as of November 1.