Changes That You Need to Know About Renewing Your Mortgage License
So, you need to renew your mortgage license that you obtained after much hard work and taking practice test after practice test? Do you already know about the latest changes in the renewal process? If you don’t, then you better read this article for some critical assistance!
As we all know, the usual deadline for renewing your mortgage license is December 31st. However, this year, certain change are worth examining, so make sure to check the changes out. For example, the licensing system has new criteria that you need to meet. So, just simply passing the NMLS test would not be enough for you to renew your license. Now, in order for you to comply with the requirements, you might need to provide electronic surety bonds that NMLS then uses to make, not only the bonding process, but also the licensing process as smooth as possible for all parties. Depending on the authority of your specific state, you may be asked to stop using the bond paper submission and instead use the electronic system in submitting NMLS SAFE MLO bonds.
So, what is the reason why NMLS has decided to shift to the electronic handling of surety bonds? Well, being in charge for the licensing procedure for mortgage brokers who passed the mortgage test across all states, they manage a huge volume of surety bonds. After all, the state authorities have a surety bond requirements for the licensees in many instances. So, with the electronic system for handling surety bonds, the process of submitting bonds would become much easier and faster. Apart from that, they can also ensure the security of the bonds that are being handled. As a result, the NMLS has become the central database for licensing data.
So far, this new bond requirement of NMLS has been adopted by states including Iowa, Idaho, Massachusetts, Indiana, Vermont, Texas, Washington, Wyoming and Wisconsin. In any event, despite these states adopting the new bond requirement, they still have different deadlines when it comes to implementing it. For example, the debt management companies, money servicers, money transmitters, etc., in Indiana and in Iowa were required to submit their electronic surety bonds together with their renewals by the end of 2016. This was done in compliance to the Department of Financial Institutions of the state. On the other hand, the rest of the states would be starting to implement it sometime this year.
For those who are affected by the electronic surety bonds, instead of printing and mailing your bond, you now need to submit it via NMLS website. Also, in order to ensure that passing the NMLS SAFE MLO exam not to go to waste after you took NMLS SAFE MLO practice test after practice test, you need to make sure that your internet browsers are updated as you proceed with the license renewal process online to ensure that there are no technical issues preventing you from successfully submit the bond.
Please visit SAFEMLOExam.com, where you will find articles on recent developments in the mortgage industry, and for those who achieve to become MLO’s, SAFE MLO Exam offers 5 simulated SAFE MLO practice tests with answer explanations. These practice Uniform State Tests with uniform state content are practice exams with answer explanations, which apply in every state, and the mortgage practice tests can be taken in timed or untimed mode on SAFEMLOExam.com’s proprietary test dashboard.