Spring Caravan? “Can you tell me how to get a home put on the tour?”
Real Estate 5 Inactive licensees must renew
Real Estate 4 Expired inactive licensees MUST complete CE
Real Estate 3No more paper change cards
Real Estate Paper change cards will be accepted for Principal Broker status changes or legal name changes
Real Estate 2 Complete CE by the 15th of the month
Real Estate Deposited ( Pending) vs. Banked (Posted)
Real Estate Banked hours can be viewed in RELMS account
Provider Ten Day Banking Two Year Renewal Cycle CE must be completed by the 15th to ensure on-time renewal. License Issued for Two Years Take RC110832 REPC 3 Hour Course Renewal Window Opens Take RC101209 Fraud 3 Hour Course Take RC110423 Caravan 3 Hour Course SUCCESS! Take R112835 Appraisal 3 Hour Course Take R110378 Tech 1 Hour Course Online Renewal Completed Take R120413 FHA 2 Hour Course Take RC101253 Ethics 3 Hour Course One Year READY FOR RENEWAL
Provider Ten Day Banking Two Year Renewal Cycle “I know it’s the 29th but I’m sure I can finish my CE in time.” CE must be completed by the 15th to ensure on-time renewal. “6 weeks until my license expires. I still have enough time.” License Issued for Two Years Take CE Courses the day before expiration. “I should start taking my classes.” RENEWAL INCOMPLETE “I can take my classes later.” Take RC110423 Caravan 3 Hour Course x “I have plenty of time to complete my CE.” CE Not Banked “I’ll take my CE next month.” “I think my license might need to be renewed this year.” “I don’t need to worry about education now.” One Year
Real Estate 1 “Live” Posting vs Time Delay Banking
Utah Sales Agent License Renewal Fee $42
Arizona (2 Year) $200 +$152 California (2 Year) $245 +$197 Colorado (2 Year) $114 +$66
Idaho (2 Year) $160 +$112 Montana (1 Year) $87.50 +$127 Nevada ( 4 Year) $280 +$92
Wyoming ( 2 Year) $250 +$202 +$135 Average 181% Higher
Mortgage • Lending Manager License QualificationRequirements New Application Rules (pending) and Forms:
Mortgage Call Reports are required to be submitted to the NMLS for the third quarter data (July 1 – September 30) are due by November 14, 2012
Mortgage Call Reports contain two components: 1. Residential mortgage loan activity. 2. Financial Condition.
Additional information and samples can be found at: http://mortgage.nationwidelicensingsystem.org/slr/common/mcr/Pages/default.aspx
May 8, 2012- Independent Loan Processors are required to be licensed • Loan processors who are employed (W2)
Independent loan processors (1099) • Independent loan processors must be licensed but NOT sponsored (inactive).
Arizona (1 Year) $250 +$172 California (1 Year) $300 +$222 Colorado (1 Year) $80 +$2
Idaho (1 Year) $200 +$122 Montana (1 Year) $400 +$322 Nevada (1 Year) $125 +$47
Wyoming ( 1 Year) $120 +$42 +133 Average 70 % Higher
Appraisal • Newsletter article
The Appraisal Qualifications Board (AQB) has recently enacted some changes to licensing criteria that will take effect on January 1, 2015.
1. College level education for all Licensed Appraisers – 30 semester credit hours from a college or university OR an Associate’s degree or higher in any field.
2. College level education for all Certified Residential Appraisers – Bachelor’s degree or higher in any field from an accredited college or university.
3. Trainee Appraiser and Supervisory Appraiser Course (required attendance) with specifications for course content to be established by the AQB.
Existing credential holders are ONLY required to meet these new college education standards IF they supervise/train new trainees and/or change a licensing credential.
The future of the appraisal industry: • New education requirements from the AQB • Difficulty obtaining field experience • Restrictions on the use of trainees and licensees by lenders and government sponsored enterprises
4. Higher underwriting standards 5. Increased litigation and disciplinary actions taken against appraisers 6. Higher insurance requirements 7. Lack of motivation to increase appraisal efficiency ( failure to innovate)
According to the ASC website, there are currently 107,345 credentialed appraisers in the country