Examples of some questions regarding license renewal for Mortgage Loan Originators (MLOs) are below:
Q: Are MLOs notified if continuing education (CE) is required from the NMLS?
A: Yes. As the deadline approaches, the NMLS sends monthly CE reminders via email.
Q: What is the SMART deadline?
A: The NMLS has a SMART deadline set each year to help loan originators complete their continuing education requirements in time to ensure course completion is reported to the NMLS. A licensee cannot submit their renewal application until the course completion is reported to the NMLS. Review the SMART deadline at the NMLS website.
Q: Will NMLS block renewal for a license if the MLO did not complete their education requirements?
A: Yes. The NMLS validates the MLO is compliant with Federal and State annual CE requirements as a condition for applying for renewal.
Q: How can I review my education records with the NMLS?
A: The NMLS keeps records of course completion and compliance. Review the education record information at the NMLS website.
Q: When does the renewal window open?
A: Typically, on November 1st of the renewal year. Details of renewal are available on the NMLS website.
Q: What is the renewal fee for the license?
A: That varies—details of renewal information are available at the NMLS website.
Q: What if I do not complete the course until 12:00 am (Central Time) on January 1st, or later?
A: Credit will be reported to the NMLS the following business day upon returning to the office. You will be reported as completing the course for on-time CE for the new year. A Late CE course will be required to make up for the prior year's requirement before renewing the license. You will not be able to complete our Late CE course because of the successive year's rule with NMLS. The NMLS has a catalog of approved Late CE courses on its website. You will not be able to renew your license until you have completed your Late CE and the completion has been reported to the NMLS. To renew the license, it is required to pay the late renewal fee (in states that allow for late renewal). You cannot engage in any loan origination activity until your renewal has been approved by your respective state regulator(s).
Q: What is the latest date that I can complete Late CE and still be able to submit a late renewal?
A: The late renewal period ends at the end of February, for all states that allow for the late renewal of a license. You must complete your Late CE course, and your credit must be reported to the NMLS before you can renew. Thus, completing Late CE as soon as possible is strongly recommended.
Q: What happens if I miss the late renewal window?
A: It will be required to reapply for licensure in all states you wish to originate loans. You may not need to take 20 hours of Pre-License education or sit for the National exam (unless 3-5 more years have passed), but you will need to follow all other application requirements. Contact the NMLS call center for more information for information on those requirements.