The Nationwide Mortgage Licensing System and Registry (NMLSR) annual renewal period begins Nov. 1 and ends Dec. 31 each year. According to the SAFE Act, both institutions and most individual mortgage loan originators (MLOs) registration must be renewed through NMLS annually.
If the renewal process is not completed prior to Dec. 31, the MLO will have an “Inactive” registration status both in NMLS and on NMLS Consumer Access. Inactive registrations must be reactivated in order to have an “Active” registration status.
Renewal Process Notes
The NMLS website notes the following two changes to 2013 renewal process:
- The NMLS will require a $30 processing fee for each MLO seeking to renew or reactivate a registration. MLOs who are submitted for renewal, but do not complete renewal prior to Dec. 31, will need to be reactivated, incurring an additional $30 processing fee at the time of reactivation.
- MLOs will receive a notification from NMLS confirming that the renewal or reactivation process is complete.
The NMLS website provides tips and instructions for the renewal process at: http://fedregistry.nationwidelicensingsystem.org/Institutions/Pages/Renew.aspx. Resources on this page include a step-by-step guide, a renewal handbook, FAQ, and both institution and individual quick guides.
Questions related to the NMLSR renewal process and the NMLSR should be directed to (800) 877-8339