The open license renewal period for MLOs starts on November 1 and ends on December 31 of each year. This is the time period during which MLOs can renew their licenses without incurring any late fees.
After December 31, MLOs who have not renewed their licenses will be placed in an inactive status. They will be able to renew their licenses up to 30 days after the end of the regular renewal period, but they will be charged a late fee. The amount of the late fee will vary depending on the state where the MLO is licensed.
If an MLO does not renew their license by the end of the grace period, their license will be terminated. They will have to retake their pre-licensing education and reapply for their license.
It is important for MLOs to renew their licenses on time to avoid any penalties. They can start the renewal process by logging into the NMLS website and clicking on the “Renewals” tab.