YOUR LICENSE HAS BEEN TERMINATED REINSTATEMENT PERIOD ENDS FEBRUARY 29, 2016
Your Mortgage Loan Originator (MLO) license has been terminated effective January 1, 2016. You must cease operating as an MLO until the Department of Business Oversight (DBO) has reviewed and approved your request for reinstatement.
According to NMLS records, you have not filed a renewal request for your MLO license. The annual renewal period for your MLO license was November 1, 2015 through December 31, 2015. You were required to renew your license during this period in order to ensure you remained authorized to continue originating loans during the 2016 calendar year. You may request reinstatement of your MLO license until 5:00 p.m. PST on February 29, 2016. You must meet several requirements in order to request reinstatement of your license. The requirements are:
- Log in to your NMLS account and request reinstatement of your license. You also must review your MU4 for completeness and accuracy, make any required changes and attest to its accuracy.
- Your required continuing education for 2015 must be completed, unless you completed pre-licensure in 2015. The continuing education must be obtained from courses given by NMLS-approved providers. Please refer to the NMLS Resource Center at http://mortgage.nationwidelicensingsystem.org/profreq/education/Pages/default.aspx for additional information and to enroll in continuing education courses. The continuing education must include:
- Three hours of federal law and regulations
- Two hours of ethics
- Two hours of lending standards for nontraditional mortgages
- One hour of training on relevant California law and regulations
Your NMLS record must show you are pre-licensed or compliant with 2015 continuing education requirements.
It may take one week or more for NMLS course providers to update your NMLS record for continuing education course completion. It takes an additional 24 hours for a course completion to be recognized in NMLS and for the system to recognize you are eligible for renewal. Even if you completed your continuing education during 2015, you will not be permitted to request renewal of your license until your NMLS record shows you are pre-licensed or continuing education compliant for 2015.
- The annual renewal fee is $300, and should be made payable to CA DBO in NMLS.
- The NMLS annual renewal fee is $30, and should be made payable to NMLS.
- If you apply for renewal/reinstatement between January 1, 2016 and February 29, 2016, there will be an additional reinstatement fee of $100.
Payment of the fees by ACH takes five to seven days to clear. Your reinstatement request will not be approved until the funds clear.
Additional resources to help you complete the license renewal/reinstatement process are available at the NMLS Resource Center at http://mortgage.nationwidelicensingsystem.org/SLR/COMMON/RENEWALS/Pages/default.aspx. You may check the status of your renewal request by reviewing the Composite View Tab in the NMLS system or at http://www.nmlsconsumeraccess.org/.
If you fail to request reinstatement, your license status will be changed automatically to Terminated - Expired. You will not be permitted to originate loans until you apply for and receive a new license.
If you have any questions about reinstating your license, please contact NMLS_Inquiries@dbo.ca.gov.