The 2024 Nationwide Multistate Licensing System state license renewal period is currently underway and will end at midnight on Dec. 31, 2023.
11/30/2023 10:50 A.M.
1.5 minute read
The Nationwide Multistate Licensing System (NMLS) annual license renewal period kicked off on Nov. 1, 2023.
State regulators are urging businesses in the mortgage, money transmission, debt collection and consumer financial services industries to prepare ahead of the renewal deadline, according to the Conference of State Bank Supervisors.
More than 261,000 mortgage loan originators (MLOs) and companies are licensed to conduct business, accounting for nearly 1.1 million state licenses to be renewed. There are nearly 21,000 more MLOs eligible to renew their licenses than this time last year. In addition, the number of individual state licenses eligible for renewal is 13% higher than the same time last year, while the number of company licenses eligible for renewal is up 16% compared to this time last year.
Here are their five tips to get ready:
- Update your NMLS record: Log in and check to make sure your profile is accurate.
- Reset your NMLS password: New password requirements are in effect as of March.
- Provide a current email address: Take this step to ensure you receive important updates from NMLS during renewals.
- Review state-specific renewal requirements: State agencies begin publishing requirements, including deadlines and fees, in September.
- Access free, on-demand renewal training: CSBS develops a variety of resources for licensees to become familiar with the renewal process.
The renewal period is set to end at midnight, Dec. 31, 2023.
Information on NMLS renewal is available on the Annual Renewal page of the NMLS Resource Center.
To find specific guidance under the California Financing Law, begin by selecting “California” on the State Licensing page and follow the links to the transition checklists for the Financing Law.
Federally registered MLOs and institutions must also renew their registrations via NMLS by Dec. 31, 2023. More information for federal registrants is available on the NMLS Federal Registry Resources page.
For more information on how the ACA licensing staff can assist with your licensing application completion needs, please contact us at [email protected] or call (952) 926-6547.