There are 156,273 about to embark on an annual trek.  The NMLS Mortgage Industry Report for the second quarter of 2018 also shows there are 16, 866 companies to coordinate originator renewals.  First words of advice…

Don’t Wait

Is your record up to date?  The first step in the process is to be current and correct, so don’t wait for Nov. 1 to check.  In fact, the working part for an originator should end in the first week of November.  That is only possible when originators complete all the steps in advance and then initiate renewal November 1st.

Why? Reason one is that numerous states use December 31st as the deadline for approval to originate on January 1, 2109.  Kansas, Virginia, Missouri, New York, Washington, and Idaho are a few. Kansas, Idaho, and Wyoming also have a renewal submission deadline of December 1st; so, start NOW.

SEE your CE

The education process alone should be one that has already been completed. In fact, those who have a license in Georgia should know to complete the eight CE by October 31, 2018.  The Uniform State Test may have affected your CE Hours, as many states added more hours during the adoption process. About half the states do require state specific CE. If you are licensed in multiple states, you may need to take a standard seven-hour CE class and multiple state specific classes to be eligible for renewal in each state.  The state with the highest requirement for annual CE is New Jersey with 12, closely followed by New York with 11 hours.

More to Cost than Cost

There are certainly costs to the renewal process for originators beyond the $30 NMLS fee, required credit report, and criminal background checks when required. While New Jersey may have the most hours, it (along with Colorado) has zero renewal fees for originators. Shout out to Washington state for reducing originator renewal fees this year. Massachusetts at $500 is the highest; and, yes, they also require an annual credit report and criminal background check, so save your dollars.

Checklists Can Help

Each state still has them, so be sure to double check so that you are in correct position to renew on November 1st. There are some inconsistencies between checklists, renewal homepage, and spreadsheets.  Your license is your business, so take ownership and review what is needed in each state where you are licensed now.

Late Renewals

If you miss the deadline, you may be eligible for reinstatement. Ohio now has a late renewal deadline of February 15th, while New York and Idaho are both February 28th.

Holidays Do Impact

They do impact every year, but 2018 may feel longer with an early Thanksgiving on November 22nd.  There are 24 states that recognize the day after Thanksgiving and other days in the holiday season too.  Hanukkah runs from December 3-10, and Christmas Eve is Monday, December 24th followed by Christmas.  Hopefully, your renewal gift is received well before the last week of the season.

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