WHAT YOU NEED TO KNOW BEFORE YOU RENEW YOUR MORTGAGE LOAN ORIGINATOR LICENSE

Today, the Nationwide Mortgage Licensing System & Registry (NMLS) sent a reminder about mortgage loan originator license renewals. Most state regulators will prevent MLOs from submitting their renewal application if they have not completed their annual continuing education. Although course providers are encouraged to credit bank as soon as possible, many providers may take as long as SEVEN days to report a course completion. When selecting a CE course, ask the provider about its course reporting policy and when you should expect your credits to be banked with NMLS.

According to NMLS, it takes 24 hours for a course completion to be recognized in NMLS and for the system to recognize an MLO is eligible for renewal. MLOs are strongly encouraged not to wait until the last minute to complete their CE requirement.

NMLS has issued the following renewal guidelines:

  • Smart Deadline: Courses reported to NMLS by Friday, December 21
  • At Risk to Miss Renewal: Courses reported to NMLS by Friday, December 28
  • Guaranteed to Miss Renewal: Courses reported to NMLS on Monday, December 31

Real Estate Institute offers NMLS-approved 8-hour SAFE Comprehensive CE courses. Choose a convenient format: Self-Paced Online, Live Class or Live Webinar. Course completions are reported within ONE business day.

URGENT – Do You Have An Unpaid NMLS Education Certification Invoice?

As of today, nearly 1,600 ILLINOIS ORIGINATORS who certified their pre-license education (PE) requirement have failed to pay the $15.00 NMLS invoice and ARE NOT COMPLIANT WITH THEIR PE REQUIREMENT.  If you certified your pre-license education, exempting you from the 20-hour course, you MUST pay the NMLS $15.00 in order to have the certification added to your record.  This fee is in addition to the fee you paid to have your name included in the certification upload. 

So Close, Yet So Far
All individuals who certified their education and who have not paid their invoice by the end of the year will NOT be compliant with the education requirements and will be forced to take the 20 hour class in order to renew/reactivate their license.  You can check your invoice status by logging into the NMLS system and clicking the “Invoice” link at the top of your home page.  Unpaid certification invoices will be deleted from the NMLS system on January 1, 2011 and there will be no way to pay them after that date, so the full 20 hours of pre-license education will be required.

Don’t Close the Door on Your Career Opportunities
If you are not planning on renewing your license, but certified your pre-license education requirement, it only makes sense to pay the $15.00 fee.  Once this is paid, you will be compliant with the PE requirement and that certification will remain on your record for 5 years.  If you do not pay the $15.00 invoice, and decide you would like to re-enter the business, you will have to pay over $300 for a 20 hour pre-license course. 

Additionally, you should know that, if you exit the business in 2010 and re-enter the business in a subsequent year, you will still be responsible for completing your continuing education requirement for 2010!  That will have to be done through a special course which will likely cost more than the regular course.  If you are even thinking of getting back in the mortgage business in the future, save yourself time and hassle and take your CE before the end of the year.

Remember, if you take a 20-hour PE course in 2010, you do not need to take continuing education in 2010.  However, if you have fully completed the pre-license certification process by paying your NMLS invoice, you do need to complete an 8-hour continuing education course in 2010.