Illinois MLOs Who Filed a Timely Renewal Application may Keep Originating

ILLINOIS EXTENDS MLO LICENSES FOR INDIVIDUALS WHO RENEWED BY 12/31/2012

The Illinois Department of Financial and Professional Regulation, Division of Banking has issued a memo indicating that all Mortgage Loan Originators who complied with the education requirement and submitted a timely request for renewal (on or prior to 12/31/2012) will be allowed to continue to do business until their renewal application has been reviewed and the renewal approved (no later than January 31, 2013).  Additionally, all Illinois Residential Mortgage Licensees (companies) who are in the same situation will be allowed to continue to conduct business until their license application has been reviewed.  Note that NO FURTHER EXTENSIONS will be granted; if your application is reviewed and a deficiency is placed on the application that must be corrected, you will need to stop originating until the deficiency is cleared and the renewal approved.

A copy of the notice can be found at: http://www.idfpr.com/Banks/RESFIN/NEWS/2013MBRenewalDateNotice.asp.  The wording is a bit vague, but it is apparent that they mean it to apply to all MLOs who meet the renewal criteria described above, not just those who work for companies whose renewals have not been formally approved.

WHAT DO I DO IF I HAVEN’T RENEWED?

If you have not yet renewed your ILLINOIS MLO license and you want to continue to retain it, you must submit a renewal request through NMLS no later than 2/28/2013 and you will not be able to conduct business until the application has been approved.  In addition to the $150 renewal fee and $30 NMLS processing fee, you will also be assessed an additional $75 late fee, for a total of $255.  Reminder that you MUST take 8 hours of continuing education in order to renew.  If you did not comply with that requirement in 2012, you need to take an NMLS-approved LATE CE course.  Real Estate Institute offers such a course.  Please call us at 800-995-1700 for details and to enroll.

Happy New Year and have a great 2013!

Peter Citera and the Real Estate Institute Staff

**THE ABOVE INSTRUCTIONS APPLY TO ILLINOIS-LICENSED MORTGAGE LOAN ORIGINATORS ONLY.  If you need information on another State’s requirements, please contact the NMLS call center at (240) 386-4444 or visit the NMLS renewal resource center at  http://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx

NOTE: Real Estate Institute’s LATE CE COURSE will satisfy the 8-hour requirement for all States that do not require additional State-specific education.

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