(1) Effective July 1, 2008, the renewal fees shall be $500 for mortgage broker entities that are not sole proprietorships, $500 for individual mortgage brokers and sole proprietors, and $400 for loan originators. An individual renewing licensure as a mortgage broker and who is also the sole owner of an entity renewing its license shall only be subject to the individual mortgage broker renewal fee. All fees are nonrefundable and must be submitted with the renewal application. The renewal application forms will be sent by the department to each licensed mortgage broker or loan originator in April. The application must be postmarked or received by May 31.

(2) The individual mortgage broker or loan originator application must be completed, signed, and dated by the applicant and may not be signed on behalf of or in lieu of the applicant. The signed and dated page of the application must be submitted in the application package or renewal application package to the department.

(a) For application of a mortgage broker entity that is a sole proprietorship, the owner must complete, sign, and date as the applicant.

(b) For application of a mortgage broker entity that is a partnership, any partner may complete, sign, and date as the applicant.

(c) For application of a mortgage broker entity that is an LLC, or corporation, or incorporation, the person responsible for the application must complete, sign, and date as the applicant.

(3) The renewal application must be accompanied by a copy of the certificate of completion provided by the approved education provider that the continuing education requirement has been met and a recent credit report from one of the three recognized credit reporting agencies. They are Experian, Equifax, and Transunion. The credit report must be dated within 60 days of receipt of renewal application.

(4) Mortgage brokers must include evidence of an irrevocable letter of credit or surety bond for each location.

(5) Mortgage brokers or loan originators shall continuously satisfy all requirements of initial licensure to be eligible for renewal. A renewal application may not be processed or granted until all required information is received.

(6) Failure to renew licenses by May 31 but before July 1 will result in a $250 late fee per license in addition to regular renewal fees. 

(7) If the attempt to renew is after June 30, the license is considered revoked. Revocation terminates the right to engage in any residential mortgage broker or loan originator activities. The mortgage broker or loan originator must then apply as a new licensee.

(8) The department will not accept applications for original licensure of mortgage brokers or loan originators in the months of May and June because of the volume of license renewals during those months.

(9) All renewal applications shall certify that the licensee has paid any civil penalties, fines, and restitution amounts imposed against the licensee. Failure to pay a fine, penalty, or judgment assessed against the licensee is sufficient grounds to deny a request for renewal.

(10) If the renewal application or the investigation related to the renewal application discloses additional information that would have been sufficient grounds to deny, suspend, or revoke the license, if it had been known at the time of original licensure, the license shall be denied, suspended, or revoked on that basis.