Time is Running Out for Mortgage Loan Originators to Renew License (2013)

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Time is running out!

(OnlineEd® – Portland, OR) – The year is drawing to a close, and any Mortgage Loan Originators who have not renewed their license must plan accordingly in order for the annual continuing education credit hours to be credit banked with NMLS.  A MLO cannot submit an application to renew a license until their annual continuing education requirement is completed and uploaded to NMLS by their education provider.

To avoid delays, when enrolling in their continuing education course, the MLO should make certain to enroll with their name as it appears on their license, and supply their correct NMLS number. NMLS is not forgiving on name variations or license name and license number mismatches. When there is an NMLS name and number mismatch, the credit banking is rejected and there isn’t anything the provider can do to correct the situation until contact is made with the licensee.

“OnlineEd always does what it can to assist their customers with timely credit banking, but it’s really up to the applicant to make sure to complete their education on time,” says Jeff Sorg, OnlineEd Chief Operating Officer and School Director.

NMLS hours of operation are Monday through Friday, 9 AM to 7 PM Eastern. In addition to normal Saturday and Sunday closure, NMLS will be closed on December 24 and 25, and again on December 31 and January 1. The last day for technical or customer service support for on-time continuing education reporting will be Monday, December 30 at 3:00 PM Eastern.

To be safe, OnlineEd is recommending to MLOs that they complete their education not later than Monday, December 21st. MLOs will be at risk of missing their renewal if their education is not reported by Friday, December 28, which means the education provider must report by Thursday  December 27. MLOs are guaranteed, according the NMLS, to miss the renewal if reported on Monday, December 31.

NMLS education provider, OnlineEd, reports continuing education completions to NMLS the same or next day, including weekends. As the deadline draws nearer, OnlineEd will upload several times each day, including evenings and weekends. “OnlineEd always does what it can to assist their customers with timely credit banking, but it’s really up to the applicant to make sure to complete their education in time,” says Jeff Sorg, OnlineEd Chief Operating Officer and School Director.

 Important Credit Banking Dates to Remember:

  • SMART Deadline: Friday, December 20
  • At-Risk-to-Miss Renewal Deadline: Friday, December 27
  • Guaranteed to Miss Renewal Deadline: Tuesday, December 31

*Note: some agencies may have an earlier deadline.

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For more information about OnlineEd and their pre-license and continuing education for real estate and mortgage brokers, please visit www.OnlineEd.com. For more information about mortgage-specific products for compliance training, tracking, and management, please visit  http://www.onlineed.com/inlineed.php or contact Joseph Mikkelson at 1.866.519.9597.

This article was published on December 19, 2013. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author. Due to the fluid nature of the subject matter, regulations, requirements, laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

Jeff Sorg

About the Author

Jeff Sorg is a co-founder of OnlineEd®, a Web-based vocational school founded in 1997 where he also serves as Corporate Secretary, Chief Operating Officer, and School Director. Sorg holds vocational instructor licenses in Oregon, Washington, California, and Nevada and has authored numerous pre-licensing and continuing education courses. Sorg was awarded the International Distance Education Certification Center's CDEi Designation for distance education in 2008. OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.