NMLS Late Renewal Deadline: How to Prepare
Are you a mortgage loan originator who needs to renew their license? If so, then it's important to be aware of the deadline for late renewals. Mortgage loan originators are required to renew their license on an annual basis in order to originate loans in the next calendar year.
The Nationwide Mortgage Licensing System (NMLS) has set a specific deadline for late renewal applications, and if you're not aware of this date, then you could miss out on timely licensing renewal.
The annual renewal period begins November 1st and ends on December 31st. The NMLS SMART Deadline to complete continuing education is Friday, December 8th.
When is the NMLS late renewal deadline?
If you miss your application deadline, each state will have different requirements regarding the by which you can renew your license and continue having active license status.
When it's time to begin the renewal process, you’ll need to make sure that you’re aware of any renewal requirements prior to the annual renewal period.
This current renewal cycle may be your first renewal, and so if you're worried, don't worry, we have you covered with everything you’ll need to know.
In this article, we'll explain the NMLS late renewal deadline and how to ensure that the entire renewal process goes smoothly and your mortgage license renewal request can go through as quickly as possible.
Annual Renewal Information
Preparing for your renewal is crucial to ensure you’re able to renew your license. Some of the steps do take quite a bit of time. You will be required to pay renewal fees for any education courses you take, and to renew your license with the state(s) in which you are licensed.
Follow these steps below to ensure your renewal goes smoothly:
Step 1 – Prepare for Renewal
Before the renewal period begins, it’s important to make sure that you’ve completed all of the necessary steps in order to be eligible for renewal. This includes completing all your electives for your continuing education requirements, updating your contact information, and submitting your renewal fee.
Additionally, you should review any applicable state or federal laws and regulations to ensure that you’re compliant with them.
The NMLS has put together a renewal handbook to make sure you have completed all necessary steps.
Step 2 – Make Sure Your Record is Up To Date in NMLS
In order to remain compliant with the NMLS, federal regulations require that you keep your record up to date. This includes submitting changes or updates to your address, telephone number, email address, and other contact information.
Step 3 – Review Deadlines, Requirements, and Fees
When renewing your mortgage loan originator license, it’s important to be aware of the deadlines, requirements, and renewal application fees associated with the renewal process. The NMLS has set a specific deadline for late renewal applications, and failure to submit an application prior to this date can result in a denial or revocation of your license.
When completing your license renewal paperwork, be aware of the license renewal fees that may be required for each state in which you are licensed (i.e. if you are licensed in Utah, Texas, and Puerto Rico, each state may have its own separate requirements for Mortgage License Renewal).
Step 4 – Request Renewal
Once you have reviewed your license renewal requirements, you can submit your paperwork for license renewal.
Step 5 – What's Next?
Once your application is submitted, your application can take up to 30 days to process, depending on which states you are renewing with.
NMLS Mortgage Continuing Education 2023 State Deadlines
Not sure what CE to take?
Our team at Mortgage Educators has put together a list of everything that you may need in order to complete your NMLS State-Specific Education Requirements which can be seen at our NMLS State-Specific Education Requirements chart.
Be sure to consult the NMLS State-Specific Education Requirements chart before beginning any continuing education classes.
Need late continuing education?
Mortgage Educators has you covered with any education you may need if you missed your renewal application deadlines.
Final Thoughts
Mortgage Educators is your partner to complete your continuing education and all requirements to continue originating loans for your clients. Reach out today to see how we can help you out!
FAQ
What is my state's renewal deadline?
Each state has different education completion deadlines. Please double-check your state's renewal period and deadlines with the NMLS. Remember the NMLS SMART Deadline to complete your Continuing Education is on Friday, December 8th.
Can I still take CE if I miss the deadline?
Yes, Mortgage Educators is your education provider that can help make sure you complete your education credit hours and that your education record is up-to-date.
Our late education and state-specific requirements for late CE can be found on our website.
What is covered in my CE?
We cover topics that are determined by the NMLS. These can cover topics like fair lending issues, consumer protection issues, federal regulations, and other topics.
As you complete these individual electives, please be aware that your state make require state-specific elective courses. All licensed mortgage loan originators are required to be aware of the license items that are required to be done.
Completing your Continuing Education is key to renew your individual mortgage loan originator license.
Do I have to take more CE if I miss my renewal deadline?
If you are working through the reactivation process, you do not have to do any more makeup credit. Mortgage Educators offers late education and state-specific requirements for late CE which can be found on our website.
Also be sure to utilize the NMLS consumer access website during the reactivation process.
How long is the reinstatement period?
This can vary by state. Be sure to consult your state and the NMLS to know what dates you need to complete your reinstatement period by.