Stay Compliant with Professional License Maintenance
Maintaining mortgage broker license requirements is difficult. There is a dizzying amount of paperwork and deadlines. And depending upon what type of entity you own or work at, the requirements may be different. It’s certainly not a streamlined or uniform process for all individuals or companies!
In addition to federal requirements, you may also be impacted by state or local laws. And don’t forget the continuing education and surety bond requirements and the required reporting that must occur on time. It’s a wonder that any company can maintain compliance. A quick overview of the different aspects of professional license maintenance includes the following activities for the company, branch office, and loan originators.
Company License Maintenance Includes:
- Annual preparation and filing of company license renewals to the state
- Preparation and filing of company annual, biannual, semi-annual, quarterly, and monthly reports (Except where not applicable.
- Preparation and filing of the NMLS Mortgage Call Repor.
- Annual preparation and filing of the Secretary of State renewals and annual report filings
- Prompt notifications to licensing contacts of surety bond requirements
- Maintaining an up-to-date MU1 form on the NMLS for the company
- Acting as a liaison between the state regulator and licensing contact for all licensing matters (Please inquire for any specific restrictions)
- Delivery of updated reports to the licensing contact on the status of maintained license(s)
Branch Office Maintenance Includes:
- Annual preparation and filing of branch license renewals
- Preparation and filing of the company’s annual, biannual, semi-annual, quarterly, and monthly reports (Except where not applicable)
- Annual Preparation and filing of the Secretary of State renewals and annual report filings
- Prompt notifications to licensing contact of surety bond requirements
- Maintaining an up-to-date MU3 form on the NMLS for the company
- Acting as a liaison between the state regulator and licensing contact for licensing matters (Please inquire for any specific restrictions)
- Delivery of updated reports to the licensing contact on the status of maintained licenses
Loan Originator Maintenance Includes:
- Annual Preparation and filing of loan originator renewals
- Prompt notifications to loan originator of surety bond requirements
- Automated notifications to loan originator of continuing education requirements
- Maintaining an up-to-date MU4 form on the NMLS for the loan originator
- Acting as a liaison between the state regulator and loan originator for licensing matters (Please inquire for any specific restrictions)
- Handling all Relationship and Sponsorship activities applicable to license maintenance
- Performing on-boarding and Loan Originator terminations via the NMLS and state website
As you can see, maintaining compliance on all three levels of operation is complex, to say the least. And even one misstep in this process can result in a failure to obtain or renew a license. This penalty represents a direct violation to the legal framework surrounding mortgage lending – which means it also threatens your company’s ability to continue operating. And it doesn’t matter how great your loan originators are or how stellar your company’s reputation may be; if you don’t have the proper licenses, you can’t deliver effective services. And this means that licensure maintenance and compliance should be a top priority for mortgage brokerage firms.
But given the complexity and time-consuming nature of compliance, completing all of the required actions can eat into your organization’s ability to serve clients. Mortgage Licensing Group can simplify compliance and help you ensure that your company fulfills all of its legally required duties related to licensure.
The Mortgage Licensing Group is a full-service licensing company that can address even the most complex mortgage license compliance needs. With staff that brings decades of experience, our clients can trust that they will receive accurate information and top-notch customer service. The professionals at or company are knowledgeable, approachable, and experienced with assisting all types of clients, spanning those that include new entrants to the industry seeking initial licensure to complex companies that serve multiple states.
And in addition to understanding all of the complexities and nuances that come with professional license maintenance, working with The Mortgage Licensing Group also ensures that you get access to professional advice from seasoned industry experts. This expertise means you won’t waste any time on unnecessary tasks, and you can obtain licensure quicker and more efficiently. The end result is that you can start work in your desired profession sooner, get your brokerage firm opened, or keep it operating. And throughout the process, you can use your knowledge to focus on delivering stellar customer service and building your company’s reputation.
Obtaining mortgage licenses and maintaining compliance is a daunting task, with confusing requirements and hard deadlines. Working with The Mortgage Licensing Group can give you confidence in knowing that all of the federal requirements will be met on time, minimizing the risk that your license is in jeopardy related to non-compliance. We can simplify the process so that you can spend the maximum amount of time serving clients.
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