Last month we reminded you of the annual renewal period for the Secure And Fair Enforcement (SAFE) Mortgage Licensing Act. What do you do if you forgot? Not to worry, there is a process to re-activate and it has been tweaked for 2013.
If your renewal was not processed within the required timeframe (November 1st thru December 31st) your registration is considered inactive. In active registrations must be re-activated utilizing the Nationwide Mortgage Licensing System (NMLS).
The two new changes for 2013 include:
- The NMLS will require a $30 processing fee for each Mortgage Loan Originator (MLO) seeking to renew or reactivate a registration.
- MLOs will be notified by NMLS when the renewal or reactivation process is complete.
Further details and step-by-step instructions are available on the NMLS website’s “Renew-Reactivate” page.