On December 8, 2011, we discussed aspects of state license renewals and offered a Renewal Toolbox for Licensees. In this newsletter, we discuss the issue of missing the deadline for federal registration and we offer a Renewal Toolbox for Registration.
The S.A.F.E. Act provides that the renewal period for federal registrants expires on December 31st of each year.
But what if the December 31st deadline is missed?
There is some flexibility in the S.A.F.E. Act for missing the December 31st deadline.
- Renewal Period
- Initial Registration Exception
- Missing the Deadline
- Summary
- Further Information
- Registration Renewal Toolkit – Library
Renewal Period
The renewal period is November 1st through December 31st of each year. If a financial institution and its MLOs do not renew by December 31st, they would be prohibited from originating residential loans.
Under the S.A.F.E. Act, all affected financial institutions and their MLOs must renew through the NMLS in the annual renewal period each year, but there is an exception for MLOs registering for the first time less than six months prior to the end of the annual renewal period.
LENDERS COMPLIANCE GROUP is the first and only full service, mortgage risk management firm in the country that specializes exclusively in residential mortgage compliance. The firm provides risk management outsourcing to the mortgage industry, offering a full suite of hands-on and automated services in residential mortgage banking.
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