SML Renewal Deadline and Closings of Mortgage Loans
January 4, 2017
RENEWAL DEADLINE IS OVER. License renewal is from November 1 to December 31.
If an entity or individual mortgage loan originator did not timely submit their completed license renewal by December 31st they CANNOT ORIGINATE any further residential mortgage loans until their license is reinstated.
Loans that were originated PRIOR to December 31st, by a licensed and properly sponsored mortgage loan originator, can
be closed and funded in the normal course of business. The status of
the license on closing date does not impact the ability for the loan to
be closed and funded.
Please disseminate this information as you deem appropriate.
AS ALWAYS, THE INDUSTRY REMAINS RESPONSIBLE FOR KEEPING UP WITH STATUTES, RULES, AND OTHER ITEMS ON THE DEPARTMENT’S WEBSITE.
Caroline C. Jones, Commissioner