This week I learned something.... I learned that lenders will not underwrite - draw loan documents - or fund a loan for a broker who has not paid their yearly renewal fee to NMLS... Lenders will not work with you on this - even if the renewal fee has been paid and a receipt showing it has paid can be provided. NMLS must show it on their site... and NMLS is taking over a week to update... And this little tidbit has messed up my fundings this month!
I have two (2) locks (same broker/client) that are expiring tomorrow on Monday... One loan - the loan docs are signed - all the conditions have been signed - there is nothing left except - NMLS - The other set of loan documents did not even make it out of the drawer to create the loan papers - because the document drawer person checked with NMLS and oops - My broker/client's NMLS is expired... Hopefully -NMLS will update tomorrow in time to fund my first loan - the 2nd loan will have to have a lock extension and if all goes well it will close/fund next week.
Today brokers have many more regulations than before and a reminder calendar is most definitely needed to stay on top of it all... NMLS has affected everyone in the mortgage industry -more classes - more money spent - more reports - more a lot of things.. But if you love this industry like I do - You just gotta keep on top of it all - So if you haven't renewed your NMLS - get to it!
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