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It’s License Renewal Season – Don't Skip These 5 Steps

Nov 18, 2020 | General, Broker, Non-Delegated

We know brokers are busier than ever this year. But there’s one business critical task you can’t skip – renewing your license.  

Ideally, you should renew by December 1, 2020 to ensure your business eligibility isn’t interrupted. You can find all the details and information on annual license renewals on the NMLS Resource Center

5 steps for a faster renewal 

Don’t let important tasks like finishing continuing education delay your renewal. Follow these 5 steps to complete your company and MLO renewal in record time: 

  1. Ensure your individual MU4 form is up to date.
  2. Review your company surety bond amounts and confirm you have adequate coverage. 
  3. Verify that your control persons, MU2 individuals, and MLOs have updated fingerprints on file.
  4. If your state requires a credit report for company officers and MLOs, remind them to lift any credit freezes.
  5. Complete all remaining continuing education requirements. 

When do I need to renew?  

License renewal season opened on November 1, 2020. It’s recommended that renewals be submitted prior to December 1, 2020, so all processing can be completed by year end. In some states, even if the renewal is submitted, but not approved by January 1, 2021, you won’t be eligible to conduct business. You can find the renewal deadlines with the full list of states on the NMLS Resource Center under Company Resources.  

Who needs to renew?  

Only licenses in an “approved” status may be requested for renewal. If one or more of a company or MLO license is not in an Approved, Approved Conditional or Approved-Deficient status, it may not be eligible for renewal in 2021.  

What’s my renewal status? 

Check the status of your renewal on your company’s composite view. On the “View License/Registration List,” check the “current renewal status” along with the “renewed through year” for the appropriate license.  

Need more help? 

If you have questions about how to submit your renewal, please consult the NMLS Resource Center. You can also call the NMLS Call Center at 1-855-NMLS-123 (1-855-665-7123).  

 Not a partner yet? Find out how you can get started with Home Point today