Loan originators and the companies they work for have been busy renewing licenses through the Nationwide Multistate Licensing System.
Out of the 581,000 licenses managed through NMLS, nearly 63 percent had been submitted for 2017 renewal as of the end of last month.
Of the renewals submitted, more than half have been approved. That was an increase of around 33,500 compared to the same point last year.
The
State Regulatory Registry LLC, which owns and operates NMLS, reported the data Thursday.
Total license renewal approvals included
16,000 companies, 24,500 branches, and 189,000 individual licenses.
The report indicated that 84 percent of federal registrants have successfully renewed, while 68 percent of financial institutions have requested renewal.
Among individual license holders, 62 percent have requested renewal. Of that group, two-thirds have been approved.
“Throughout November, the renewals process has been very robust, and state regulators continue to encourage non-depository entities to submit annual renewal requests as soon as possible to increase the likelihood of having licenses approved by Dec. 31,” NMLS Policy Committee Chair Sue Clark said in the statement.
The strong renewal activity likely reflects heavier mortgage originations during the second half of this year. However, given a sharp decline in home lending expected next year,
it is probable that renewal activity a year from now will slow.
