Illinois 2012 Mortgage Loan Originator (MLO) License Renewal Process
The Division of Banking is implementing three new policies for the MLO license renewal process. The changes are as follows:
- No separate state specific document (regarding child support, taxes and student loans) will be required for the Illinois renewal; instead any changes by the MLO licensee to the state specific responses since the initial filing must be made by filing an amendment through NMLS.
- Illinois will discontinue the issuance of paper license certificates effective this renewal.
- MLO licensees looking to renew but do not currently have a sponsor. These MLO Licensees may renew by paying the renewal fee, completing 8 hours of annual continuing education for calendar year 2011 and meeting all other requirements for renewal, but their licenses will be issued and placed immediately in an “Approved-Inactive” status. While on this status an MLO licensee cannot originate loans or conduct any licensable activity defined in the Act and Rules. The MLO, to keep this status, must take the required 8 hours of annual continuing education and file amendments for any changes since the original application. If the MLO still does not have a sponsor by next year renewal, the MLO would repeat this process and continue to maintain their license in an inactive status.
Again be sure to check this website frequently as updates will be posted as soon as they become available.
2012 MLO Renewal Continuing Education Requirements
Please refer to the NMLS website for information regarding the requirements for continuing education for your 2012 MLO license renewal. The webpage can be accessed at the following link – click here.
For those MLOs who obtain their initial license between November 1, 2011 and December 3, 2011, they will NOT be required to complete 8 hours of continuing education in 2011 but will be required to complete 8 hours of continuing education in 2012.
2012 MLO Renewal Frequently Asked Questions
To assist Illinois’ licensed mortgage loan originators with their 2012 renewal we have compiled some Frequently Asked Questions with their answers for your review. The webpage can accessed at the following link - click here.
Instructions for Illinois Mortgage Loan Originator License
- Applications for mortgage loan originators must be submitted to NMLS.
- Applicants must pass both the National and the State Components prior to being licensed.
- Applicants must submit the State-specific background for credit history to be submitted to NMLS.
- All applicants must submit the State-specific document found on the NMLS website. Click here to obtain a copy of the document.
- State-specific background requirement for fingerprinting must be completed with the NMLS approved vendor (Field Print).
- Applicants will be required to have completed the required 20 hours of pre-license course work prior to being issued their Illinois license.
- Applicants must complete the Sponsor Request and demonstrate an Illinois licensed mortgage broker (transitioned to NMLS) as their sponsor.
Failure to comply with all the requirements WITHIN 90 DAYS OF THE INITIAL DATE OF YOUR MU4 FILING WITH THE DEPARTMENT MAY RESULT IN YOUR APPLICATION BEING DEEMED WITHDRAWN. To ensure that your application is reviewed and approved as quickly as possible, you are encouraged to make sure that when you submit your MU4 that you have also passed both exams, that your credit report and fingerprints have been submitted, your state specific document has been submitted to the LO Licensing Section, that you are compliant with the education requirement, and that you have submitted a sponsor request to establish the relationship between you and your Illinois licensed sponsor. Also be sure to designate Illinois as your choice as a license jurisdiction.
Mortgage Loan Originator Application Change of Procedures
For detailed information regarding the new procedure for applications currently in Pending status, please refer to the detailed instructions page.
CONTINUING EDUCATION ANNUAL REPORT FOR MORTGAGE BROKERS
In past years the Division of Banking (DOB) has required the submittal of a continuing education report by mortgage brokers. This report, due by May 31st each year, is the compilation of the mortgage broker’s sponsorees’ completion of continuing education acquired during the previous calendar year. Because this report is now available to DOB through the reports in NMLS, it will no longer be necessary for mortgage brokers to submit the annual continuing education report.
LOAN ORIGINATOR INFORMATION AND FORMS: |
