Yes, fall has returned once again. The changing of the leaves and cooler temperatures reminds us that it is time for… Renewals. NMLS Renewals in the second year of working remote may or may not be scarier than Halloween. These both occur almost at the same time and that can bring ghosts and goblin-like behavior when trying to validate the production staff and their renewal requirements. Mortgage originators may soon find that there could more tricks than treats as Halloween fades into Renewal Season.
The NMLS Renewal Period is already short at only 61 days beginning on November 1 and ending on December 31, not to mention the holidays and holiday festivities. But there are some states that have earlier filing deadlines, such as Minnesota and West Virginia, allowing only a day or so for renewals. This is a short window for renewal submissions but also licenses that have not been approved by December 31st must discontinue mortgage activity until the renewal has been approved. Talk about scary!