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MORTGAGE LENDER LICENSEE 2014 RENEWAL REQUIREMENTS
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The Office of the Commissioner of Financial Regulation ("Office") is continuously looking to improve its processes to minimize the burden on all of its licensees. As part of its efforts to streamline one of our major processes, renewal requirements will be spread over the calendar year. Specifically, the Office will be reviewing the following documents during the noted timelines:
- The Office will review 2013 financial statements to ensure satisfaction of the minimum net worth requirement.
- Generally speaking, the Office will review the statements that were due on or before March 31, 2014.
- Failure to submit proper financial statements will result in a change of license status to "Approved-Deficient."
- The goal will be to complete the review of submitted statements by May 31, 2014.
- Volume of Business via Mortgage Call Report
- The Office will review the Mortgage Call Reports submitted for the period ending December 31, 2013 and that are due by March 31, 2014.
- The volume information will be used to determine proper surety bond coverage is in effect.
- Failure to submit the Mortgage Call Reports will result in a change of license status to "Approved-Deficient."
- The review will be completed by May 31, 2014.
- Certificate of Good Standing
- Failure to upload the Certificate will result in a change of license status to "Approved-Deficient."
- The Certificate must be uploaded into NMLS by September 1, 2014.
- Continuing Legal Education
- The licensee's Qualified Individual and branch managers should complete Continuing Education ("CE") prior to submitting the renewal application.
- The courses are already available and we encourage all licensees' representatives to complete the CE as quickly as possible.
A licensee will not be able to submit a renewal application until it complies with all of the above requirements. The procedures outlined above will streamline the renewal process for the benefit of all licensees.
More Information
For any questions or additional information, you may contact Juan M. Sempertegui, Director of Licensing, at
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