The window to renew opens November 1st and will continue until December 31st. NMLS is requiring you have your education hours banked, prior to attempting to renew your license.
Key points:
Education hours must be completed in the calendar year 2011
NMLS does not pro-ration licensing fees
Background and credit check is done annually. Any issues will need to be addressed.
All states require the core NMLS courses – 3 hour federal law, 2 hours nontraditional mortgage products, and 2 hours of ethics. The minimum hours per year are 8 hours. Some states allow the additional one hour to be elective and others require state law courses that may use the 1 hour elective or exceed the 8 hours.
Newer licensees that received their education AND license in 2011 will not have to renew until December 2012. New licensees that took their education in 2010, and received license in 2011 will likely need to renew in 2011. The SAFE Act uses calendar year for education. There may be some exceptions to this rule, as it is interpreted on a state level which allowed some states to use the license year for first year and not education year. Click here for the chart of states that will answer this question for you.
Licensees that added a state in 2011 (held a license in other state(s) in 2010) will have to renew in all states they are licensed in. Example: someone licensed in California in 2010, adds Florida in September 2011. When they renew, they will renew California and Florida by December 31, 2011. The requirement goes from when the pre-licensing was completed. Reference the ‘Newer Licensees’ information above if original pre-licensing is less than 24 months from renewal. Any questions would be directed to the STATE licensing agency.
If you do not complete your renewal by Dec. 31st, you will need special classes. LATE CE course. These are special courses and can only be taken during January and February. The course name will state for late renewals. Any education you took in 2011 will not count toward this ‘late CE’ requirement.
Cost to renew depends on the state you are renewing with. Here is a link to a chart that will give you the costs.
New for Company Compliance Officers: The 2011 CE Handbook
Here is a link to a step by step guide Click here or power point screen-shot guide to renew Click here
