Will processing delays force you from the business?

As we get further into the year licensing deadlines are approaching and processing delays will be inevitable.  This will vary from state-to-state, but most are suggesting to allow up to 60 days to review each application, after EVERYTHING is completed and submitted to NMLS and the state regulatory agency.  Currently, some states are taking over 40 days to complete the process.  As time goes by and everyone waits to the last minute, longer delays are expected (this does not include any delay time that could arise for testing center locations).

If licensees are not COMPLETELY approved by their state’s licensing deadline, they will not be able to act as a mortgage loan originator until the approval is completed.

Below are current stats, from the State of Colorado, regarding the license application process.  Your state may have very similar statistics.

CO states, as of the week of May 31, 2010:

  1. 2.500 individuals have registered & received their NMLS ID number
  2. 2,000 have completed Federal fingerprinting
  3. 1,950 have taken NMLS testing
  4. 900 have passed the testing
  5. Only 140 have been completely approved by the State of Colorado

* Statistics provided by the Colorado Department of Regulatory Agencies and NMLS

MTI is an NMLS-approved education provider and currently offering the required 20 hours of pre-licensing education, many state specific regulatory courses and test preparation packages. 

Visit us today for courses and schedules:  www.MortgageKnowledge.com

Click the link below to sign up for MTI’s industry newsletter and stay current with all general industry and national licensing updates.

http://www.mortgageknowledge.com/subtype_classes_FP.asp?st=60324

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