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Issue 55
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November 13, 2014
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2015 Maryland Mortgage Loan Originator License Renewal Process
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The Office of the Commissioner of Financial Regulation ("OCFR") encourages all Mortgage Loan Originator (MLO) licensees to review and confirm their NMLS record is up-to-date prior to the submission of a renewal application. The 2015 NMLS Streamlined MLO Renewal Process began November 1st and ends December 31st. Remember that you must satisfy all requirements before you will be able to submit a renewal application.
Actions you must take:
1. Confirm Continuing Education (CE) requirements have been satisfied.
- Failure to complete required CE (including posting to your NMLS record) will prevent submission of your renewal application.
- You must complete eight (8) hours of NMLS approved continuing education (including 1 hour of instruction on Maryland mortgage-related law).
- Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, you are strongly encouraged to complete CE as soon as possible.
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2. Update your record prior to submitting a renewal application.
- Log into NMLS and confirm that your NMLS record is up-to-date to avoid delays. Failure to update your record will prevent submission of your renewal application.
- Resolve all outstanding deficiencies or requirements in your NMLS profile. Unresolved requirements or deficiencies will prevent the license renewal.
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A Renewal Handbook is located on the NMLS Resource Center to help and to guide you through the process. Assuming no outstanding issues, an MLO renewal application will be automatically approved fifteen (15) days after submission. If the renewal application is not automatically approved, please contact Juan M. Sempertegui, Director of Licensing, at [email protected].
Reinstatement Period - January 1, 2015 to January 30, 2015
MLO licensees who submit renewal applications by December 31, 2014, but which 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 Loan Originators who do not submit a renewal application by December 31, 2014, must cease conducting business on January 1, 2015. The MLO may submit a renewal application during the reinstatement period (Jan. 1st to Jan. 30th), but she/he cannot conduct any business until the renewal application is approved.
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. These improvements included an automatic approval of MLO renewal applications for licensees without deficiencies. 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 250,937 mortgage loan originator license renewal applications submitted through NMLS last year, of these:
- 94% submitted in November were approved by December 31st,
- 80% submitted between December 1st and December 15th were approved by December 31st, and
- 45% 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, MLO 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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