With mortgage rates at all time lows, many seasoned loan officers are starting their own mortgage companies as lenders, brokers, or both. We’re excited to see our clients’ continued success. In 2020, we’ve helped a record number of mortgage pros get their state mortgage banking licenses for the first time and grow their business at a rapid rate. Yet, many people are asking us about the speed and integrity of the mortgage licensing process during COVID-19. Here is what we are seeing:
- How are states handing mortgage banking licensing? State mortgage licensing regulators continue to process all types of mortgage license applications – whether they are loan originator, mortgage lender, mortgage banker, or mortgage broker applications, to name a few.
- The integrity of the mortgage licensing system has held strong. Many regulators have shifted to a work from home strategy and continue to review mortgage license applications and respond to licensing inquiries.
- This situation and COVID-19 have affected the speed at which mortgage regulators review and approve license applications. We’ve seen some regulators maintain pre-COVID turn times while others are taking weeks if not months longer. This is compounded by the fact that we’re currently in license renewal season.
- We used to advise our clients that a company license application would take on average approximately four to six weeks to get approved from time of submission to approval but in some cases that timeline is extended to several months.
- COVID-19 delays in the mortgage licensing process make it especially important to work with a mortgage licensing expert that will help you submit an accurate and complete license application the first time around. When regulators review incomplete applications they issues license items that require correction and review, and this can result in significant delays that might add weeks to the license approval process.
You can rely on Lynx Licensing during COVID-19. We remain open and committed to providing you fast, responsive and processional mortgage licensing services with integrity. One state regulator recently praised us for “one of the best mortgage license applications” that they’ve seen which was “so clean that they had to take another look at it to make sure.” Our clients praise us for our speed and accuracy, not to mention the time and anxiety that they save by having an experienced professional guide them through the mortgage licensing application process. Contact us today at (312) 588-6800 or using our contact form to learn how we can help you start your mortgage company or get new broker, branch or company licenses. We’ll take good care of your MLOs too!