Another knowledge article here for you about the NMLS System.
This one will explore the loan officer renewal process and cover the what you need to know about this process.
Never before have we had a national system to renew our mortgage loan originator's (MLO) individual licenses in all 50 states.
Now we're not quite there with a uniform 50 state system but we are pretty darn close.
This article will show you the top five things to know about renewing your loan officers on time this year.
These licenses were hard to get earlier this year, right so it will be worth your while to pay attention to the rules and not be surprised that some of your loan officer's licenses did not get renewed for some reason or mishap in the process.
So what are the Top 5 things you need to know about renewing loan officer licenses in the NMLS:

1. Make sure you have already authorized the system and pay for a credit report (October 31, 2010 was the first day you could do this).
   Be prepared to explain problems on your credit report by writing explanations in advance for any accounts that have blemishes.
   The states will be looking at your credit again and will provide deficiencies on your renewal applications even if they approved the MLO in the past for the initial license.
   
2. Each MLO should have already requested a federal criminal background check and provided fingerprints through the mortgage licensing system.
   If you have not already done this make sure you do this immediately because most states won't renew you until your federal background check is completed.
   
3. Each MLO also should have completed a 20 hour PE (preliminary education) course and at least a 8 hour CE (continuing education course).
   PE courses typically had to be a live course or an instructor led webinar but CE courses can be completed online in most states.
   Note that in 2010 some states will not require you to complete CE in the same year you did your PE but check on the state's renewal checklist at the NMLS website.
   
4. Each MLO must have passed the national portion of the SAFE Act test.
   If you still have not passed this test then you likely do not have any license to renew.
   
5. Each MLO must have passed the state portion of the SAFE Act test or paid for certification of a prior test.
   Most states have required that you pass the state portion of the test in order to be eligible for renewal of that state's license.
   

Once you complete the online renewal and pay the renewal fees, you are only partly done with this renewal process.
Now you are in the monitoring phase.
You will want to check the NMLS system daily to see if any deficiencies are being posted.
Note that the states need to get every licensee renewed at the same time in this short year-end time period so make sure you are keeping a close eye on the status of your MLO renewals.