Questions & Answers
What are my Mortgage Loan Originator continuing education and license renewal requirements?
Licensed Mortgage Loan Originators (MLOs) must complete the following items every year that they hold the license:
- Complete the required 8 Hour SAFE Comprehensive MLO Continuing Education Course for 2020. View upcoming Florida Dates and Locations in Fort Myers, Naples, Fort Lauderdale and West Palm Beach. View upcoming Minnesota Dates in Brooklyn Center and Bloomington.
- Submit a License Renewal Request and Pay associated fees through NMLS
- Authorize NMLS to obtain an independent credit report
- Complete all renewal steps between November 1 and December 31 for Florida MLOs. Minnesota MLOs must submit for renewal by December 1.
View License Renewal Requirements
I completed the 20 Hour SAFE Comprehensive Course in 2019 and I received my MLO license in 2020. Am I still required to complete continuing education to renew my license by December 31, 2020?
Yes. It does not matter when you received your license. All that matters is the year in which you completed the pre-licensing 20 Hour SAFE Comprehensive Course. If you completed the 20 Hour Course in 2019, you will need to do Continuing Education in 2020. If you completed the 20 Hour Course in 2020, you will not need to do Continuing Education in 2020.
How much does it cost to renew my Florida Mortgage Loan Originator License?
When you renew your license online on the NMLS website, you will be required to pay the following fees: depending on the license you are renewing:
- $150 Florida renewal fee
- $20 Florida guaranty trust fee
- $6 FDLE retained fingerprint fee (fingerprints are good for 5 years)
- $36.25 Federal background check (fingerprints are good for 5 years)
- $30 NMLS processing fee
- $15 credit report fee
The total cost to renew your Florida Mortgage Loan Originator license is $257.25.
How much does it cost to renew my Minnesota Mortgage Loan Originator License?
When you renew your license online on the NMLS website, you will be required to pay the following fees: depending on the license you are renewing:
- $50 Minnesota renewal fee
- $36.25 Federal background check (fingerprints are good for 3 years)
- $30 NMLS processing fee
- $15 credit report fee
The total cost to renew your Minnesota Mortgage Loan Originator license is $131.25.
How does NMLS know I completed the 8 Hours of MLO Continuing Education at LarsonEd?
As an NMLS approved continuing education provider, Larson Educational Services has electronic access to upload your completed hours directly to NMLS after completion of your course. You will be required to provide to us your NMLS Identification Number either at enrollment or during the course so that we can send the information to NMLS.
When can I submit for license renewal through NMLS?
NMLS will accept renewal applications beginning November 1, 2020.
Can I renew my license before November 1, 2020?
No. NMLS will not be available for renewals prior to that date.
When is the deadline to submit my renewal?
- All Florida mortgage loan originators must submit renewals before December 31, 2020.
- All Minnesota mortgage loan originators must submit renewals before December 1, 2020.
Do I need to complete 8 Hours of Continuing Education before I submit my renewal?
Yes. NMLS requires that you complete your 8 Hours of Continuing Education prior to submitting for renewal.
Can I take an 8 Hour Continuing Education class in November and still renew my license by December 31, 2020?
Yes. When you take a class with Larson Educational Services, we upload your completed hours of education to the NMLS system at the conclusion of the course. Within 48 hours of your completed class, you can renew your license through NMLS.
Do I have to take a test at the end of the 8 hour MLO Continuing Education Course at LarsonEd?
Yes. In 2012, NMLS began requiring an end-of-course exam for ALL continuing education courses. The exam is 25 questions covering the content provided in the course. Don't worry though, LarsonEd will give you everything you need to be prepared to pass!
What happens if I have to leave the course early or have to show up late?
We will not be able to give you credit for completion of the course and you will have to reattend another class offering in its entirety. You cannot receive partial credit.
Who needs to submit the NMLS Mortgage Call Report (MCR)?
NMLS and the Florida Office of Financial Regulation (FLOFR) requires the following License holders to submit the MCR:
- Mortgage Broker
- Mortgage Lender
- Mortgage Lender Servicer
Individual Mortgage Loan Originators (MLOs) are not required to submit the MCR because the Mortgage Broker will file it for the whole company.
When does the NMLS Mortgage Call Report (MCR) need to be submitted?
The Standard Mortgage Call Report is broken up into 2 components:
- the Residential Mortgage Loan Activity (RMLA) and
- the Financial Condition (FC)
The RMLA is due within 45 days of the end of every fiscal quarter. Most companies will have the following schedule:
- Q1 data (January 1 – March 31) is due May 15
- Q2 data (April 1 – June 30) is due August 14
- Q3 data (July 1 – September 30) is due November 14
- Q4 data (October 1 – December 31) is due February 14
The Financial Condition (FC) is due annually within 90 days of the company's Fiscal Year End. For example, if the company's Fiscal Year End is December 31, that means the FC is due by March 30.
How do I submit the NMLS Mortgage Call Report?
The Mortgage Call Report (MCR) is submitted through the NMLS website. You must first log-in to your account and then go to the "Filing Tab" to begin.
Here is a User Guide to see how to submit the RMLA - View User Guide
Here is a User Guide to see how to submit the FC - View User Guide
I have begun working on the Mortgage Call Report, but I am unsure how to categorize my business within the MCR?
NMLS has provided the following definitions when submitting the MCR:
Wholesale - Closed wholesale refers to loans that have legally binding agreements establishing a residential mortgage loan with an application taken by one party but funded by another
Broker - Any fee collected in conjunction with brokering a loan not including pass through fees (i.e. Appraisal, credit report, flood cert., etc…)
Retail - Closed retail refers to loans that have legally binding agreements establishing a residential mortgage loan and have been originated/funded by the institution who took the application
Click below to view a detailed list of Glossary Terms and Definitions found on the MCR.
How can I contact the Nationwide Mortgage Licensing System (NMLS) with questions?
NMLS can be contacted at 855.665.7123. If you have specific questions about the Mortgage Call Report, you can also send an email to NMLS at [email protected]
Call us today with any questions