The 2017 renewal period for the Nationwide Multistate Licensing System is off to a strong start, with the number of renewal approvals up so far this year.
As of Nov. 30, nearly 63% of the 581,000 licenses managed within the NMLS had been submitted for renewal, according to State Regulatory Registry, owner and operator of the NMLS, and a subsidiary of the Conference of State Bank Supervisors.
More than half, or 230,000, of the renewal applications that have submitted so far have been approved for 2017, which represents an increase of approximately 33,500 license approvals compared to the same time last year, according to an CSBS news release. As of Dec. 1, more than 16,000 companies, 24,500 branches and 189,000 individual licenses have had their renewal applications approved, the release stated.
“Throughout November, the renewals process has been very robust, and state regulators continue to encourage non-depository entities to submit annual renewal requests as soon as possible to increase the likelihood of having licenses approved by Dec. 31,” Sue Clark, director, regulatory and consumer affairs for the Vermont Department of Financial Regulation and chairwoman of the NMLS Policy Committee, said in the release.
According to the CSBS, as of Nov. 30:
• 68% of financial institutions have requested renewal;
• 84% of federal registrants have successfully renewed;
• 61.9% of individual license holders have requested renewal and 65.5% of those have been approved;
• 68% of state-licensed mortgage loan originators have completed annual continuing education; and
• As a percentage of renewable licenses, the number of individuals to request renewal is 1% higher than in 2015.
NMLS system enhancements and recent changes to the NMLS Resource Center have resulted in an 8% decrease in volume to the NMLS Call Center, which has resulted in a significant decrease in the amount of time it takes for callers to get their calls answered, the release stated.
With the NMLS “Your License is Your Business” renewal campaign, businesses and individuals are being encouraged to submit renewal requests early to reduce the likelihood of a license being terminated on Jan. 1.
More information about renewing through NMLS can be found on the Annual Renewals page of the NMLS Resource Center. The NMLS also has produced a renewal video that provides important information about the renewal process.