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Your License is YOUR Business

ALERT: You have less than 60 days to renew your license for 2018. The clock is ticking, and the annual renewal period begins Nov. 1 and runs through Dec. 31. This year, there are a few more specifics for you to remember when you renew your license. In addition, there have been more than 15 updates to state checklists in just the last several weeks. Remember: If you do not renew, you cannot originate.

Continuing Education:

Annual Continuing Education (CE) is necessary for every licensed mortgage originator. The list of states requiring additional CE has grown in recent years as a result of the adoption of the Uniform State Test (UST), and that benefit has come with additional costs, as 22 states now require state-specific CE. Only Minnesota and West Virginia have yet to adopt the UST. Completing just eight hours of CE can be a challenge for many, but luckily, this does not mean an additional 22 hours of CE. So check your record and complete the hours you need now so you can renew in time. Many tools, checklists, handbooks, and links to state agency renewal pages with specific detail information are included on the Annual Renewal Pag at mortgage.nationwidelicensingsystem.org.

Time to Renew:

For most licensed originators, logging in to the NMLS system is only an annual event, so make sure you are able to update your record with any needed changes before it is time to renew. View your record on the Composite View Tab in NMLS to make sure your information is up-to-date. Then you can review any state deadlines, requirements, or fees that will be due as part of the renewal process. If you need help, check with your company or access the information available on the NMLS Resource Center by clicking the green Annual Renewal tab on the right side of the screen.

Don’t Wait:

Every year, several people call in January wondering how this could happen, why they did not renew, and how they go about applying for a new license. They are not happy to stop originating and wait for a new license. Don’t be that originator who does not complete all the steps needed to renew. Once you have requested renewal, you will have a Renewal Requested status in the Composite View tab of NMLS, and you will receive an email confirmation from NMLS of your renewal request.

The states where you have requested renewal are now notified and will review your request and communicate with you any issues and update your status in NMLS. Do not overlook emails that share updates to your license state. Your Composite View tab will also have the most recent updates on the status of your renewal. If your company coordinates renewals, be sure you know and follow your company’s process. However, you, as the licensee, are the one held fully responsible for meeting all of the requirements for each state agency where you hold a license and have requested renewal. So, don’t overlook what you need to do.

Take the renewal process seriously, as this is your license and your business.

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