Missed your licensing renewal deadline. What are your options?
Complete a late renewal.
There is a short window to allow this option depending on the state you live in. Each state have different requirements, but the federal requirements allow two months for the MLO to complete a late renewal. Some states like New Hampshire will terminate your license if not renewed by 12-31-11. After the state allowed period, if any, the MLO would be suspended or terminated and be subject to state education, testing, and licensing requirements.
Need:
Complete specially approved LATE CE courses. Click here to review offerings and purchase. (Note: only special approved courses will be acceptable for late renewal.)
Pay the license renewal late fee and charge. (Link below for renewal information to find out cost to renew)
Complete the license renewal process.
You cannot function as a MLO until license is reinstated.
Remember: You must check with your state regulator as state laws may have additional requirements/restrictions greater than the federal requirements. Link provided below to look up state requirements.
Put your license on inactive.
This option allows the MLO to not be active or employed in the industry, but hold the license from having to start over again with a new license. The MLO will have to complete continuing education and pay the renewal fees annually. This may be done for up to five years. When MLO comes back into the mortgage market, they may have to take the tests over again depending on state requirements. Federal requires testing after 5 years of inactive licensing. Check your state requirements.
Need:
Complete specially approved LATE CE courses. Click here to review offerings and purchase. (Note: only special approved courses will be acceptable for late renewal.) If you already completed your education for this year, you may use those classes is handle before renewal is late.
Pay the license renewal late fee (if late) and license fee.
Notify NMLS of request to put license as inactive.
Cannot function as a MLO until license is reinstated.
You work for a company that has closed.
With the market continuing to shift and adjust to regulations and industry changes, some mortgage companies may decide to leave the business. This leaves their MLOs with the need for a new sponsorship. Without an employer, a MLO will not have a sponsor to renew their license.
You may use any of the options above until you place your license with another company. If you go beyond the state required time frame to obtain a new sponsor, you’ll be subject to the state license renewal requirements. Link is provided below for more details.
Do nothing.
Your license will be suspended. After the allotted time per for late renewal your state allows, your license will lapse. Normally a termination of license. If you decide to come back into the industry you will need to complete the pre-licensing education, and other new MLO requirements of your state. Re-testing may not be required for up to five years, depending on your specific state’s requirements.
Remember: You must check with your state regulator as state laws may have additional requirements/restrictions greater than the federal requirements. Link provided below to look up state requirements.
LATE CE Course Offering
When you’re late with renewing your license, NMLS requires you to complete specially approved LATE CE courses. Each state may have different lengths of time late renewals will be accepted. Normally 2 months is allowed. A link is provided below for you to check your state’s specific requirements.
Click here to review offerings and purchase.
NMLS Call Center Hours
The NMLS Call Center will remain open an extra hour (until 8:00 p.m. ET) December 19th through December 30th. The Call Center is closed on Saturdays and Sundays (including December 31st).
Link to NMLS all renewal information – this link has all the information needed including state specific renewal requirement and state specific frequently asked questions.
Check out our Industry Resource Links for additional sources and information. Click Here
