How to Obtain and Renew an NMLS License

Lesson: Obtaining & Renewing Your NMLS License

Part 1: Obtaining Your Initial License

This is a multi-step process requiring coordination between you and your sponsoring company. 

1. Create Your NMLS Account: Set up an account at the NMLS website (mortgage.nationwidelicensingsystem.org) and ensure all your details are accurate.
2. Find a Sponsor: Secure sponsorship from a mortgage company already registered with NMLS in your state.
3. Complete Pre-Licensing Education (PE): Finish 20 hours of NMLS-approved courses (Federal Law, Ethics, Non-Traditional Products, Electives, State-Specific Law).
4. Pass the SAFE Exam: Pass both the National and State components of the SAFE Mortgage Loan Originator Test.
5. Authorize Background Checks: Grant NMLS permission for an FBI criminal background check (fingerprints required) and a credit report.
6. Apply via Form MU4: Have your company (or yourself) submit the Individual Form (MU4) and associated fees through NMLS, linking your application to your sponsor.
7. Meet State Requirements: Confirm your state’s specific financial responsibility, character, and other unique mandates. 

Part 2: Renewing Your License Annually

The annual renewal window is generally November 1st to December 31st. 

1. Get Organized (Early!):
   • Update NMLS Profile: Ensure contact info and employment details are current.
   • Password: Reset your NMLS password.
   • Check CE: Verify your continuing education (CE) provider has reported your 8 hours of NMLS-approved CE to NMLS.
   • Fingerprints: Confirm your fingerprints are current (often needed if over 3 years old) for background checks.
2. Start the Renewal Process (Nov 1-Dec 31):
   • Log In: Access your NMLS account.
   • Submit Request: Select the “Renewals” tab and initiate the renewal for your state license(s).
   • Attest: Confirm your record is accurate (you or your employer will attest).
   • Pay Fees: Pay all applicable renewal fees.
3. After December 31st:
   • Reinstatement (Jan-Feb): You can still renew in January/February, but with added fees.
   • Expiration: If you miss the reinstatement period, your license expires, requiring a new application. 

Key Takeaway:

Stay proactive by managing your NMLS account, completing education early, and watching for renewal notices; late action leads to significant penalties.