Mortgage Industry Update

Licensing Updates

License Types	As of April 2018	As of April 2017
Mortgage Broker Main Office	287	281
Mortgage Broker Branch Office	186	184
Consumer Loan Main Office	649	604
Consumer Loan Branch Office	2,515	2,249
MLOs - Active	15,412	14,820
MLOs - Inactive	1,930	1,865

Electronic Surety Bond Conversion

The Department wishes to extend gratitude to mortgage licensees who completed the conversion of their paper bond to electronic surety bond (ESB) on NMLS by the 12/31 (Mortgage Brokers) and 3/1 (Consumer Loan) deadlines. While ESB is much more efficient for managing the surety bond, it was just “one more thing” licensees had to go into NMLS to complete.

With bonds converted to ESB, don’t forget the following:

• All bond materials are issued and delivered through NMLS. This includes riders to increase the bond amount, change the company’s corporate name, or to cancel or reinstate the bond.
• Data not captured on the bond like trade name or addresses no longer require a rider to be issued.
• Bond materials, except cancellation or reinstatement items, must be delivered by licensees. They cannot be delivered directly from the surety to the Department.

ESB for Licensees

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Updating Contact Information

Don’t forget to keep your contact information current in NMLS! The Department relies on this information to contact licensees. Specifically, we are seeing the following:

• MLOs who change employers but report an email address and/or business phone number with the previous employer.
• Company licensees reporting a primary company contact who is no longer with the company or a primary company contact with outdated contact information in NMLS.

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Upcoming Dates

May 15 - Q1 Mortgage Call Report Filing Deadline

May 17 - Mortgage Industry Webinar