The Nationwide Multistate Licensing System (NMLS) has created a new login process that requires users to update their user name and password and establish account recovery details. State regulators encourage originators and other licensees to complete this process before Nov. 1 to save time during NMLS annual renewals.
NMLS made changes to the login process based on user feedback that include being able to recover or reset a password without contacting the call center and users with multiple account can access all of their accounts with a single login, said Erin Van Engelen, chair of the NMLS Policy Committee, in a news release.
“As part of those improvements, we’re asking users to update their NMLS credentials before Nov. 1 so that they don’t encounter login challenges during the renewal period,” said Van Engelen, who is also consumer finance bureau chief of the Idaho Department of Finance
Mortgage originators and mortgage companies account for nearly 793,000 state licenses to be renewed. The number of individual state licenses eligible for renewal is 8% lower than the same time last year, while the number of company licenses eligible for renewal is up 3% compared to this time last year.
Information of NMLS renewal is available on the Annual Renewal page of the NMLS Resource Center (www.nmls.org). The renewal period in most states runs from Nov. 1 to Dec. 31. State-licensed MLOs must also have completed annual continuing education requirements to renew their licenses.
Federally registered originators and institutions must also renew their registrations via NMLS by Dec. 31. More information for federal registrants is available on the NMLS Federal Registry Resources page.
NMLS released the following tips for renewal:
- Update your NMLS login credentials. Follow the new NMLS login process to update user names and password and set up account recovery details.
- Review your NMLS record. Log in and check to make sure your profile is accurate.
- Consolidate your NMLS accounts. Use your new user name and password to consolidate multiple accounts for convenient access and navigation.
- Review state-specific renewal requirements. State agencies begin publishing requirements, including deadlines and fees, in September.
- Access free, on-demand renewal training. The Conference of State Bank Supervisors develops a variety of resources for licensees to learn about the renewal process.