URGENT: Attention Licensed Illinois Loan Originators Without An Active Sponsor

If you are a LICENSED Mortgage Loan Originator in the State of Illinois and you have gone to work for a depository institution (or are no longer actively originating), the state has made it possible to maintain your MLO license in an INACTIVE status (provided you did not let it expire after 2010). This will help you avoid having to ‘start over’ if you want to transition back to originating for a state-licensed mortgage broker or mortgage bank in the future. In order to do this, you should log-in to the NMLS and renew your license on or before December 31 to avoid late fees. (February 29th, 2012 is the deadline for LATE renewal.)

In order to submit your renewal request, you must complete 8 hours of NMLS-Approved continuing education for 2011. (We can help you with that!)

CE Update and Warning from the NMLS

The Nationwide Mortgage Licensing System & Registry (NMLS) sent an email yesterday reminding mortgage loan originators (MLOs) about the annual continuing education (CE) requirement.  The NMLS warns MLOs that based on an upcoming system upgrade, MLOs may experience delays renewing their license.  Bottom line: DO NOT wait until the last minute to complete your CE and renew your license!

The NMLS email stated, “Please be advised that on October 1, 2011, an enhancement is being released in NMLS which, at a state’s discretion, will provide state regulators the ability to prevent an MLO from submitting an application to renew their license if they have not completed CE. A majority of licensing agencies using NMLS will make use of this new system functionality. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, MLOs are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time. MLOs are encouraged to complete their CE as early as possible.

Additional information about CE and a link to approved courses is available on the NMLS Resource Center.  If you have questions about completing CE, please contact the NMLS call center at (240) 386-4444.”

As a reminder, the SAFE Act states that:

  • individual MLOs who are state-licensed must complete eight (8) hours of NMLS approved CE annually.
  • the 8 hours of CE must include: federal law (3 hours), ethics (2 hours with fraud, consumer protection, and fair lending issues), non-traditional mortgage lending (2 hours) and an elective (1 hour).
  • a number of states also have a specific number of state-specific education requirements that must be met. See the 2011 State-Specific Education Requirements Chart for details.

Real Estate Institute offers NMLS-approved CE that tackles critical, need-to-know issues facing mortgage professionals in 2011.  Don’t delay, enroll today for our upcoming 8-hour course.  Convenient online webinars and live classes are available.