CSBS offers guidance for licensees to prepare for NMLS renewal

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On October 24, CSBS released tips for licensees to prepare for NMLS renewal. As previously covered by InfoBytes, NMLS announced it will be rolling out a new version of its mortgage call report which will include new requirements for many licensees. Kelly O'Sullivan, the chair of the NMLS Policy Committee and deputy commissioner of the Montana Division of Banking and Financial Institutions, advises licensees to proactively update their information in NMLS and make use of available training and resources to address their queries before the renewal period begins. This is particularly crucial for those individuals who typically only engage with NMLS during the license renewal phase.

CSBS recommended five essential tips for licensees:

• Licensees should log into NMLS and thoroughly review and update their profile record to ensure accuracy;
• Licensees should reset their NMLS password in advance to have a current password ready for accessing NMLS when needed;
• Licensees should provide and maintain a current email address to receive essential updates from NMLS during the renewal process;
• Licensees should review state-specific renewal requirements, as state agencies typically begin publishing details, including deadlines and fees, in September;
• Licensees are encouraged to take advantage of the free, on-demand renewal training resources provided by CSBS to become familiar with the renewal process.