Number of Mortgage License Renewal Approvals Up from Last Year
Washington, D.C. – The 2017 renewal period for the Nationwide Multistate Licensing System (NMLS or the System) is off to a strong start, with the number of renewal approvals up from 2015, announced the State Regulatory Registry LLC (SRR), owner and operator of the NMLS, and a subsidiary of the Conference of State Bank Supervisors (CSBS).
As of November 30, nearly 63 percent of the 581,000 licenses managed within NMLS had been submitted for renewal, and more than half of those renewal applications (230,000) have been approved for 2017. This is an increase of approximately 33,500 license approvals compared to this same time last year.
More specifically, as of December 1, over 16,000 companies, 24,500 branches, and 189,000 individual licenses have had their renewal applications approved.
“Throughout November, the renewals process has been very robust, and state regulators continue to encourage non-depository entities to submit annual renewal requests as soon as possible to increase the likelihood of having 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 November 30, 2016:
68 percent (6,698) of financial institutions have requested renewal;
84 percent (316,908) of federal registrants have successfully renewed;
61.9 percent (289,554) of individual license holders have requested renewal and 65.5 percent of those have been approved;
As a percentage of renewable licenses, the number of individuals to request renewal is one percent higher than in 2015;
68 percent (88,503) of state-licensed mortgage loan originators (MLOs) have completed annual continuing education; and
NMLS system enhancements and recent changes to the NMLS Resource Center have resulted in an eight percent decrease in volume to the NMLS Call Center, which has resulted in a significant decrease in the amount of time it takes for callers to get their calls answered.
With the “Your License is Your Business” renewal campaign, SRR seeks to educate businesses and individuals holding more than 581,000 licenses managed in NMLS that by submitting renewal requests in early they greatly reduce the likelihood of a license being terminated on January 1, 2017.
More information about renewing through NMLS can be found on the Annual Renewals page of the NMLS Resource Center. NMLS’ Renewal Video also provides key information related to the renewal process.