Mortgage Broker Licensing: 5 Ways to Ensure Your 2020 License Renewal Goes Quickly
Each mortgage license holder must renew their license between November 1st and December 31st of each year. Your process for doing this will vary depending upon whether you work independently or with an agency, as some companies complete the renewal request for their agents.
If a licensee fails to complete their renewal process during the allowed renewal period, they can complete the renewal process through NMLS during a reinstatement period. However, getting a license reinstated is always more complicated than merely renewing. Applicants who seek reinstatement must pay a late fee, and reinstatement can still be prohibited.
To ensure that your renewal request goes smoothly and it approved quickly, it’s a great idea to prepare for the process upfront. While the end of the year seems far away, we all know that it will be here before we know it! Here are a few great ways to make sure you are prepared to renew your mortgage broker license in 2020.
Prepare Early
As with most other things in life, you will be much better prepared to have a successful NMLS renewal if you prepare for it in advance. Renewals often require that you meet Continuing Education requirements, so you may need to determine which classes are necessary for you in 2020.
If you have an idea of this early in 2020, it’s much easier to come up with a schedule for meeting all of these requirements that will work for you. Doing this rather than stressing about it and trying to fit everything in at the last minute can make the entire renewal process more pleasant and less stressful.
If you work with an agency, you must determine up-front who will be responsible for submitting the renewal request. Make sure everyone involved knows their role and responsibilities to ensure that the renewal request is submitted in its entirety and on time.
Understand what Resources are Available
The NMLS Resource Center offers much information that mortgage brokers need concerning their renewal. In addition to information about federal statutes and policies, they also have comprehensive information about the varying license renewal requirements from state-to-state. The NMLS Resource Center is the best place to visit to ensure that you have the most timely and relevant information concerning submission deadlines, Continuing Education requirements, documentation requirements, and any other renewal requirements that may impact your renewal.
Your state agency may also have some resources available to assist with the renewal process. But for many individuals, this isn’t enough. Mortgage broker licensing services and firms are available for individuals who want to make renewal as easy, quick, and straightforward as possible.
Ensure you Have Accurate Information
It’s worth taking a bit of extra time to check and double-check to make sure that all of the information you have is accurate and up-to-date concerning renewal deadlines, requirements, and fees. NMLS offers many resources to assist individuals and companies with their renewals, so there is no excuse for not having the latest information.
Additional state requirements can also confuse the renewal process, so it is worth taking the time to double-check and ensure that you have all of the details you need to submit a successful renewal request. Even if you have been renewing your license for years, you should still always review the information up-front as some requirements can change from year to year.
Submit Your Renewal Early
In addition to preparing early, it’s also a great idea to submit your renewal as early as possible, ideally on November 1st. The approval process often involves NMLS communicating with state agencies, your company, and even you directly. If any issues, questions, or concerns arise, it’s ideal to have a sufficient amount of time to overcome these obstacles. Submitting an early renewal also ensures your request is first in line, making it much more likely to receive quick approval.
Use a Mortgage Broker Licensing Service
As you can see, renewing your mortgage broker’s license can be a very time and resource-intensive process. Most brokers who have gone through the process will surely agree. But taking the time to wade through all of the red tape may not be an option for especially busy brokers. And new entrants to the industry may not feel comfortable with the process.
For these brokers, the best option is to hire a mortgage broker licensing service to ensure that the work is done for them. These services will make sure renewal requests are complete and conform to all of the applicable regulatory standards. In many instances, this is the best option possible for those who want to be sure that their renewal goes through quickly with no issues!