Start Your NMLS Renewal Process Now – Don’t Forget CE Plans

On August 1, 2014, the NMLS placed a license item on the record of every state-licensed loan originator who has not yet completed their Continuing Education (CE) for 2014. The license item does not impact a loan originator’s current license status or the ability to originate loans. This is simply a reminder to complete CE this calendar year in order to be eligible for license renewal for 2015. The NMLS sent an e-mail to every state-licensed loan originator and their company for every license held for which 2014 CE has not been completed.

Loan originators have until December 31, 2014 to complete their annual SAFE Continuing education.

Renewal Process
The renewal period begins November 1, 2013, with all requirements to be completed by December 31, 2013. Following are the steps you need to follow.

Step 1 – Complete your annual continuing education
The SAFE Act’s Successive Year Rule requires mortgage loan originators to complete eight hours of CE every year and mandates that an originator may not take the same course two years in a row. (See information on a CE course in the Renewal Resources section below.)

Step 2 – Prepare for the renewal process
NMLS’ Renewal Handbook will help you prepare to request the renewal of licenses in NMLS. It provides detailed instructions for both individuals and companies. For additional help, see the Quick Guides and new Renewal Videos for MLOs at the end of this article.

Step 3 – Log in to NMLS to be certain your record is current
Make sure you can log in with your user name and password. Licenses must be in an approved status in order to request renewal. Use the Preparing for Renewal Quick Guide to review the information on record and to confirm your license/registration status.

If you need help recovering your password and/or username to log into NMLS, utilize the “Forgot your User Name/password” hyperlinks on the NMLS login screen. A brief video is available to help with this process.

Step 4 – Review deadlines and requirements
You need to review appropriate state(s) renewal requirements, deadlines, fees and other details. You can download information for all states using the following spreadsheets: 1.  Renewal Deadlines Chart, 2.  Renewal Fees Chart

Step 5 – Request renewal
Beginning November 1st, licensees can log into NMLS, click the Renewal Tab and request renewal of their licenses or indicate the licenses they don’t intend to renew.

You should consult with your company to confirm who will be submitting and paying for the renewal request in NMLS. In some cases, the company may wish to submit the renewal request on your behalf (individuals must attest to their record first.)

Renewal Resources
The following quick guides and videos are available from NMLS to help you complete renewal:

*Companies

Company Renewal: Guides company account users through the process of submitting company/branch licenses for renewal (and how to recall a “Do Not Renew” request). Includes instructions on how to view the status of renewal requests. Quick Guide

Renewal Roles: Leads the company account administrator through the process of granting other company users the Renewal Role in NMLS. Quick Guide

Helping MLOs Manage the Renewal Process: See the videos and quick guides below.

*Individuals

Attest for Company: Provides instructions for an individual to attest to their renewal to allow their company to pay for and submit the individual renewal request. Quick Guide Video

Attest and Pay: Guides the individual through the process of submitting licenses for renewal. Includes instructions on how to view the status of submitted renewals. Quick Guide  Video

Do Not Renew: Helps an individual to indicate to their regulator that they do not wish to renew a license in NMLS (and how to recall a “Do Not Renew” request). Quick GuideVideo

In addition, to assist with continuing education, our education partner, Strategic Compliance Partners, has an 8-hour SAFE Comprehensive: 2014 Originator Essentials course. (More information at www.strategiccompliancepartners.com or by emailing training@strategiccompliancepartners.com)

Ginger Bell is an NMLS- approved instructor and has developed training programs for a variety of companies. She received the Presidential Award from the California Association of Mortgage Professionals and the Oregon Association of Mortgage Professionals. Contact her at 503-318-6152, www.go2training.com or www.go2comply.com

 

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