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Issue 54
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November 12, 2014
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2015 Mortgage Lender License Renewal Process
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The Office of the Commissioner of Financial Regulation ("OCFR") encourages all Mortgage Lender licensees to review and confirm their NMLS record is up-to-date to ensure an efficient renewal process. The 2015 NMLS Maryland Mortgage Lender Renewal Process began on November 1st and ends December 31st. Remember that you must satisfy all requirements before the renewal application will be approved.
Review NMLS Account
Over the past year, OCFR staff has reviewed each company's licensing file and, where necessary, noted deficiencies in the NMLS account. Specifically, the following items were reviewed:
- Annual Financial Statements
- Certificate of Good Standing
- Bond Verification Certificate
- Continuing Education for Qualifying Individuals and Branch Managers
If a licensee has not resolved outstanding issues, the company will be unable to submit a renewal application. A Renewal Handbook is located on the NMLS Resource Center to help and to guide you through the process. If the requirement has been addressed but the deficiency still exists in the NMLS profile, please contact Juan M. Sempertegui, Director of Licensing, at [email protected].
Reinstatement Period - January 1, 2015 to January 30, 2015
Mortgage Lender licensees that submit renewal applications by December 31, 2014 and that are not approved or denied by January 1, 2015, are permitted to continue to conduct business until a final decision is made on the application. If the license reflects any of the "Approved" statuses, even if the renewal application has not yet been approved, the licensee is authorized to conduct Maryland mortgage business.
Mortgage Lender licensees that do not submit renewal applications by December 31, 2014 may continue to process and close only loans which were applied for before the deadline for renewal, per COMAR 09.03.06.03(f) - Loan Processing Under Expired License. These lenders may submit a renewal application during the reinstatement period (Jan. 1st to Jan. 30th) but they cannot engage in any new mortgage lending, servicing, or brokering activity until the renewal application is approved or denied.
NMLS Information For Renewal Season
Over the past several years, improvements have been made to NMLS to make the renewal process easier for both licensees and regulators. Renewing a license in NMLS is easy, and yet too many licensees lose their ability to operate in January because they submit their requests late. Take a look at some statistics:
- There were 30,853 company license renewal applications submitted through NMLS in 2014 last year, of these:
- 87% submitted in November were approved by December 31st,
- 75% submitted between December 1st and December 15th were approved by December 31st, and
- 46% submitted after December 15th were approved by December 31st.
NMLS determined that the vast majority of all renewal applications submitted during November were approved by December 31st and there was no interruption in the licensee's ability to conduct business. As a result, Maryland Lender licensees are encouraged to start reviewing their license records now and submit renewal applications by November 15th. More information about renewing through NMLS can be found on the Streamlined Annual Renewals page of the NMLS Resource Center.
For More Information
For any questions or more information, please contact Juan M. Sempertegui, Director of Licensing at 410-230-6102 or via email at [email protected].
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