44% of Mortgage Loan Originators Still Need to Renew Licenses

(Jeff Sorg, OnlineEd) – The State Regulatory Registry, LLC (SRR), operator of the NMLS, announced today that as of November 30, 57.2 percent of licenses managed within the System have been submitted for renewal, and 63.9 percent of those requests have had their licenses approved.

Current renewal facts as of November 30, 2014:

  • 6,969, or 66 percent, of financial institutions have requested renewal;
  • 292,373, or 86 percent, of federal registrants have renewed;
  • 194,923, or 55.9 percent, state mortgage loan originator (MLO) licenses have been requested for renewal and 66.4 percent of those have been approved;
  • As a percentage of renewable licenses, the number of MLOs to request renewal is three percentage points higher than in 2013, and the approval rate of those requests has increased by 10 percentage points;
  • 79,701, or 65 percent, of state-licensed MLOs have completed annual continuing education; and
  • NMLS system enhancements to streamline the renewal process and recent changes to the NMLS Resource Center have resulted in a 20 percent decrease in volume to the call center.

In order to allow enough time for CE to be reported into the system and for the MLO to file for renewal, NMLS sets Smart Deadlines each year. These 2014 Smart Deadlines are:

  • SMART: Course(s) reported by your provider to NMLS by Friday, December 19
  • AT RISK TO MISS: Course(s) reported by your provider to NMLS by Friday, December 26
  • GUARANTEED TO MISS: Course(s) reported by your provider to NMLS on Wednesday, December 31

 

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

  This article was published on September 18, 2014. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and 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.