| Home > Banking Division > Banking Licensees > 2021 License Renewals - Individual |
| 2021 License Renewals - Individual |
| Individual MLO Licensees will NOT be renewed until affiliated company has been renewed. If you are the Qualifying Individual, you must submit renewal with your Company. Business entity renewal requests will not be approved unless there is also a renewal request for that entity’s Qualified Individual Licensee. |
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| 1. |
The ability to request renewal of such licenses begins on November 1, 2020, except as provided below. Renewal applications will be available for electronic submission to the New Jersey Department of Banking and Insurance (“Department”) through the NMLS from November 1 through December 31, 2020. The NMLS website has renewal request instructions. |
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| 2. |
Licensees in approved-deficient and approved-conditional status will be blocked from requesting renewal through NMLS until the Department determines that all relevant requirements and/or deficiencies have been satisfactorily addressed. If such determination occurs on or before December 31, 2020, the licensee will be permitted to request renewal through the NMLS. Licensees in this status are urged to check their records as soon as possible and contact the Department about the resolution of outstanding issues.
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| 3. |
All Individuals must review their NMLS filings prior to renewal to ensure that any requirements or deficiencies set by this Department have been addressed. Furthermore, if there has been a material change to any information previously submitted to the NMLS on a MU4 filing (such as a name change, the occurrence of a previously unreported bankruptcy filing or criminal conviction, or changes to any previously supplied answers to disclosure questions), then, to ensure the efficient processing of your renewal request and to avoid future questions regarding qualifications for continued licensure, your NMLS record must be updated before a renewal request is submitted. Each applicant is required to attest that the information on file with the NMLS as of the date the renewal request is submitted is current and accurate. Attesting to the accuracy of information that, in fact, is not correct will require later submission of corrected information, and may also be grounds for a denial of the renewal request and for the imposition of penalties, pursuant to N.J.S.A. 17:11C-70. |
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| 4. |
All Qualified Individuals and Mortgage Loan Originators are required under RMLA to complete twelve hours of Continuing Education (“CE”) in order to renew their licensed status. The twelve hours includes eight hours of CE required by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, 12 U.S.C. § 1501, et seq. (“SAFE Act”), plus an additional four hours of CE required by New Jersey. The CE specific to New Jersey must include two hours of instruction on New Jersey laws and regulations. The other two hours can be any additional SAFE Act CE above the eight hours or any combination of state-specific CE courses from other states. Individuals who have completed Pre-licensure Education in 2020 and who first became licensed in 2020 are not required to complete CE in order to renew for 2021. |
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| 5. |
All Qualified Individuals and Mortgage Loan Originators who are currently in approved-conditional or approved-deficient status must authorize a new credit report prior to requesting renewal, and they are requested to do so as soon as possible, to facilitate an updated review of financial responsibility in connection with the renewal process. Any additional information the Department may require as a result of its review of updated credit information should be submitted within 30 days of the Department’s request. The processing of renewal requests with outstanding requirements for information will be delayed and the individuals will be designated as “On Hold” in the NMLS until such information is submitted and determined to satisfy the requirements.
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| 6. |
In the event that the Department does not complete its review of timely filed and complete renewal requests by January 1, 2021, individual applicants, business entity applicants, and all individuals affiliated with the business entity applicant, that timely-filed complete renewal requests will remain in “renewal requested” status. In accordance with provisions of the New Jersey Administrative Procedures Act at N.J.S.A. 52:14B-11, the authority of such individuals and business entities to perform RMLA licensed activities under their 2020 license will continue until the Department issues a decision on the 2021 renewal application. Similarly, the authority to perform RMLA licensed activities under their 2020 license of all business entities and individuals that timely filed renewal requests, but that are designated as “on hold” in the NMLS in accordance with paragraphs 5 above will continue until the Department issues a decision on the 2021 renewal application. Please be advised that applicants for license renewal that are on hold as of January 1, 2021 will be subject to review and to potential enforcement action if deficiencies and requirements are not addressed in accordance with Department directives.
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| 7. |
If you fail to renew your license by December 31, 2020 the NMLS system will change your license status to ‘Terminated - Failed to Renew’. Be advised you are not permitted to originate loans in New Jersey under this status. You will have an opportunity to reinstate your license between January 1, 2021 through February 28, 2021. The Fees associated with reinstatement are as follows.
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| Qualifying Individual: $250 NJ Reinstatement Fee + $30 NMLS Processing Fee = $280 |
| Mortgage Loan Originator: $75 NJ Reinstatement fee + $30 NMLS Processing Fee = $105 |
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You are not permitted to resume loan origination in New Jersey until the Department has reviewed your request and changed your license status from Terminated to an active Approved status. |
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