It’s license renewal season until December 31, 2012. Have you completed the requirements before you have tried to renew your license through the NMLS?
What requirements? The biggest one for mortgage license originators is completion of your continuing education requirements. If you are licensed in only one state, you only need to complete that state’s continuing education hours. If you are licensed in more than one state, you need to fulfill each state’s requirements. This may mean taking more continuing education classes, usually in state-specific law for each state that requires state-specific law classes.
You also need to check your MU-4 record to make sure that it is up-to-date. If you have changed employers, moved to a new house, or need to update the answers to the disclosure questions, you must make the necessary changes to your MU-4 record before renewing your license.
If you are a company, all of your Mortgage Call Reports must have been already filed before you renew your license. You must also have an updated MU-1 record. Some states require certain forms to be filed with their mortgage broker/banker regulatory department prior to allowing you to renew your license. Additionally, if you owe any fees to your regulatory agency, those fees must be paid before you can renew your company licenses.
Do not wait until the end of December to renew your licenses. The later in December that you wait, the longer the approval process will take and you may not have your license renewed by December 31, 2012. This could spell trouble with your lenders when January 2012 comes and you cannot close their loans because you do not have a valid 2012 license.
Mortgage Company Licensing 