Mortgage Licenses Submitted for Renewal Up Five Percent from Last Year
Washington, D.C. – The 2016 renewal period for the Nationwide Multistate Licensing System (NMLS or the System) is off to a strong start, with renewal approvals up from last year. The State Regulatory Registry LLC (SRR), operator of NMLS, announced today that as of December 1, 64 percent of licenses managed within the System have been submitted for renewal, and 66 percent of those requests have had their licenses approved. At this time last year, 60 percent of licenses had submitted applications and 65 percent of those requests were approved.
So far 16,265 companies, 21,120 branches, and 169,866 individual licenses have had their renewal applications approved.
“Though we have seen an increase in the number of licenses submitted for renewal, compared to this time last year, SRR continues to encourage non-depository entities to submit their annual renewal request as soon as possible to increase the likelihood of having their licenses approved by December 31,” said Sue Clark, Director, Regulatory and Consumer Affairs for the Vermont Department of Financial Regulation and Chair of the NMLS Policy Committee.
Current renewal facts, as of December 1, 2015:
- 6,496 (64 percent) financial institutions have requested renewal;
- 309,612 (81 percent) federal registrants have renewed;
- 246,343 (63 percent) state mortgage loan originator (MLO) licenses have requested renewal and 69 percent have been approved;
- As a percentage of renewable licenses, the number of MLOs to request renewal is five percentage points higher than in 2014, and the approval rate of those requests has increased by two percentage points; and
- 84,902 (70 percent) state-licensed MLOs have completed annual continuing education.
With the “Your License is Your Business” renewal campaign, SRR seeks to educate businesses and individuals that submitting renewal requests in November and early December significantly reduces the likelihood of a license being terminated on January 1, 2016. NMLS makes renewing a license easy, and yet too many licensees lose their ability to operate because they wait until the last minute to complete their professional requirements. SRR is encouraging licensees to remember that their license is their business. Licensees should start reviewing their license records now and submit renewal as early as possible. It is important to also note that some state agencies have additional requirements that must be satisfied outside of NMLS.
In an effort to make the license renewing process easier for companies and licensees, NMLS launched the @NMLSInfo Twitter page in September. The page is designed to disseminate information to state-licensed individuals on important renewal-related information including key dates, education opportunities, information sources, etc. NMLS also released a Renewal Video providing key information related to the renewal process.
More information about renewing through NMLS can be found on the Streamlined Annual Renewals page of the NMLS Resource Center.