What happens after you renew your business license through the NMLS?

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Starting November 1, 2010, all mortgage companies licensees (mortgage bankers, mortgage lenders and mortgage brokers and their branches) must renew the licenses which expire on 31 December 2010. For those who are licensed in countries transformed into Nationwide Mortgage Licensing System (NMLS) in 2008 or 2009, this post is old hat. For those who are to renew the first time, you may be wondering what the process is like. I’ve been helping customers NMLS renewal since 2008, so I’ve been down this road before.

The renewal process for most countries start using NMLS specify which license you are renewing. You confirmed that the company file and pay renewal and NMLS fees. You should be aware that there are still some countries that are not renewing a business license through the NMLS (though they may be a renovation loan originator licensed through NMLS). These states include CA-Dre, Hawaii, Maine, Florida, Utah DFI, Nevada, Minnesota and Delaware. If you have a license in one of the states that are not renewed through NMLS, you should have received a renewal of the license application and a guide. If you do not, you should call your state licensing agency and ask for a renewal of material. You want to start the regeneration process as soon as you can.

When the company has renewed its license through the NMLS, you need to revise the jurisdictional checklist for each state where the company is licensed. Print renewal Checklist for each state and the complete list. Send in each Checklist along with any additional data required for each state regulatory agency.

state may take several weeks to process an application for renewal and additional. If you have not sent in additional documents and checklists, reviewers will send the items still needed on the task list associated MU1 record company. You have to keep checking to see if the Task List is changed. You can also view the status of the operating company by clicking on the Composite tab and look at View license / Registration List.

If you wait until the end of December to renew the licenses, it is likely that the approval of the renewal will not come through until sometime in January. This creates a problem for mortgage brokers that investors will not let them close without permission in 2011. Do not wait until the last minute to renew.

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