As the end of the year approaches, companies must prepare to renew their licenses through the Nationwide Multistate Licensing System (“NMLS”). The renewal period for 2025 began on November 1 and ends on December 31. As of this year, NMLS Connect introduced an updated interface for managing company filings. Companies should familiarize themselves with the refreshed platform to streamline the renewal process.
Timely renewal is essential for maintaining compliance and avoiding penalties or disruptions in business operations. Failure to renew by the deadline can result in licenses being revoked.
The Fortra Law Corporate & Securities team has outlined helpful reminders as you work to complete company license renewals.
General Renewal Reminders
NMLS renewal requirements can include:
Updating License Information
- Review all current licenses and ensure that all information is up to date. Certain updates to your licenses may require advance notice to the regulators. Once confirmed that all information is up to date, re-attest the company MU1.
- Confirm that there are no outstanding deficiency items posted by the state regulators. These may need to be resolved before completing renewals.
NMLS Reports
- Confirm that all quarterly mortgage call reports (“MCRs”) are complete for the year.
- Complete the annual MCR (both the RMLA and Financial Condition, as applicable) and submit updated financials.
Fees
- Pay the NMLS renewal fee and pay any outstanding state agency invoices.
Bonds
- Ensure that all surety bonds are active and in good standing, as applicable.
Branch and Individual Licenses
- Ensure that all branch licenses and sponsored individuals are properly listed and active.
- This may include confirming that all sponsored individuals complete their required continuing education.
State Specific Renewal Items
The renewal process can vary by state, and even per license. It is important for each company to understand the state-specific requirements and deadlines. This can include providing audited financials, maintaining an instate office, and completing additional reports both inside and outside of NMLS.
Need More Guidance on NMLS Renewals?
Our Corporate and Securities team is here to assist with your NMLS license renewals. Whether you need help processing renewals, updating your filings, or expanding into new states, we are ready to support you. Contact us today to ensure your licenses remain in good standing for 2026.
