2017 NMLS Renewal Campaign “Your License is Your Business” Off to Strong Start

Number of Mortgage License Renewal Approvals Up from Last Year  

WASHINGTON, D.C. – (RealEstateRama) — The 2017 renewal period for the Nationwide Multistate Licensing System (NMLS or the System) is off to a strong start, with the number of renewal approvals up from 2015, announced the State Regulatory Registry LLC (SRR), owner and operator of the NMLS, and a subsidiary of the Conference of State Bank Supervisors (CSBS).

CSBS

As of November 30, nearly 63 percent of the 581,000 licenses managed within NMLS had been submitted for renewal, and more than half of those renewal applications (230,000) have been approved for 2017. This is an increase of approximately 33,500 license approvals compared to this same time last year.

More specifically, as of December 1, over 16,000 companies, 24,500 branches, and 189,000 individual licenses have had their renewal applications approved.

“Throughout November, the renewals process has been very robust, and state regulators continue to encourage non-depository entities to submit annual renewal requests as soon as possible to increase the likelihood of having licenses approved by December 31,” said Sue Clark, Director, Regulatory and Consumer Affairs for the Vermont Department of Financial Regulation and Chair of the NMLS Policy Committee

Current renewal facts, as of November 30, 2016:

68 percent (6,698) of financial institutions have requested renewal;

84 percent (316,908) of federal registrants have successfully renewed;

61.9 percent (289,554) of individual license holders have requested renewal and 65.5 percent of those have been approved;

As a percentage of renewable licenses, the number of individuals to request renewal is one percent higher than in 2015;

68 percent (88,503) of state-licensed mortgage loan originators (MLOs) have completed annual continuing education; and

NMLS system enhancements and recent changes to the NMLS Resource Center have resulted in an eight percent decrease in volume to the NMLS Call Center, which has resulted in a significant decrease in the amount of time it takes for callers to get their calls answered.

With the “Your License is Your Business” renewal campaign, SRR seeks to educate businesses and individuals holding more than 581,000 licenses managed in NMLS that by submitting renewal requests in early they greatly reduce the likelihood of a license being terminated on January 1, 2017.

More information about renewing through NMLS can be found on the Annual Renewals page of the NMLS Resource Center. NMLS’ Renewal Video also provides key information related to the renewal process.

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Media Contacts:

Rockhelle Johnson, Senior Manager of Communications, or 202-407-7156

Melissa Washington, Manager, NMLS Communications, or 202-684-9994

Twitter: @CSBSNews @NMLS Info

The Conference of State Bank Supervisors (CSBS) is the national organization of bank regulators from all 50 states, District of Columbia, Guam, Puerto Rico and U.S. Virgin Islands. State regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS also operates the Nationwide Multistate Licensing System to license and register mortgage lending providers.

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CSBS

The Conference of State Bank Supervisors (CSBS) is the nationwide organization for state banking, representing the bank regulators of the 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands, and approximately 6,200 state-chartered financial institutions.

The Conference is responsible for defending state authority to determine banking structure and the products and services state-chartered institutions can offer and for improving the quality of state bank supervision by providing department performance evaluation and accreditation programs and supervisory education/training programs for state banking department personnel.
 
Contact:

Bill Matthews
Senior Vice President
Phone: 202/728-5711

1155 Connecticut Ave NW, 5th Floor
Washington, DC 20036-4306

Phone: 202.296.2840
Fax: 202.296.1928

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