It’s hard to believe, but another year has gone by and the NMLS renewal season is here!
The NMLS renewal period kicks off on November 1 and ends on December 31 for all licenses managed on the Nationwide Multistate Licensing System & Registry. Many state agencies that manage licenses outside of NMLS also have renewals due within this timeframe. These tips and best practices can help you manage the process.
Be prepared
- Know the requirements. Review the NMLS checklists published by states in September to ensure all requirements have been met.
- Confirm all employees can access their NMLS accounts. Users can access their NMLS accounts by clicking here, and there are “Forgot your User Name/Password” links on the login screen for those who need assistance with login credentials. If that is not successful, there are other options:
- Contact your Company Administrator and request a password reset.
- Contact the NMLS Resource Center for online support via this link through Jan. 12, 2024. The estimated turnaround time for these requests is one business day or less.
- Ensure your NMLS record is up to date with the most current information.
- Lift a credit freeze. A credit check may be required as a condition of renewal. If your company has a credit freeze, call the credit agency before November 1, and temporarily lift the restriction to prevent delay when requesting renewal.
- Ensure individual fingerprints will not expire before renewals. If an individual’s prints — including natural person owners, mortgage loan originators, officers, directors, qualifying individuals, and branch managers — are over three years old, they must be re-fingerprinted if a new criminal background check is required. Criminal background check authorizations may also be a condition of renewal. If new fingerprints are required, contact Fieldprint to schedule an appointment.
- Confirm all bond/net worth requirements are in compliance pursuant to state regulations and company activity.
- Complete applicable Continuing Education is complete by November 1. Late completion of CE for MLOs, Qualified Individuals, and Branch Managers may impact renewal eligibility.
- Address all license items and follow up with states for clearance. Active license items may impact the company’s renewal eligibility if not cleared.
- Ensure all licenses held are in an eligible status for renewal.
Know the deadlines
Every state is different, and deadlines can be found on the NMLS Resource Center for all licenses managed on NMLS by clicking here. Not every NMLS license has a December 31 renewal submission deadline. One example to highlight is West Virginia, whose license renewal is due on November 1, the same day the renewal period begins. A number of states have deadlines that are earlier in December. Additionally, some agencies may have reports or state-specific items due within the renewal period, which may impact renewal approvals.
Follow-up
The process is not over after a renewal submission. Review state checklists, as some regulators update checklists throughout renewal season. And follow up with state agencies, as appropriate, given some require approval by January 1 to continue licensable activities. Stay mindful of these states and monitor the process closely so you can continue to conduct activity beginning on January 1.
APPROVED can help
Need assistance with understanding requirements or coordinating license renewals? Contact APPROVED. Our team of licensing professionals is available and ready to assist with your renewal-related needs.