Renewal Reminder for your NMLS License Endorsement

The renewal period for MLO license endorsement continues now through December 31, 2011. The Department of Real Estate (DRE) requires individuals who need to renew their MLO license endorsement to complete eight hours of NMLS-approved CE (Continuing Education). CE must be taken through NMLS-approved sponsors. (Note: 45 hours of DRE-qualified CE cannot apply to the MLO license endorsement CE requirement.) Failing to renew an MLO license endorsement by January 1, 2012 will result in an existing license endorsement status changed to “Terminated Failed to Renew” and requires that the licensee... Read more »

Brokers: Be Vigilant About Your Trust Fund Accounts!

Fiscal Year 2010-2011 was a busy year for DRE auditors. DRE auditors conducted 683 audits in the fiscal year ending 6/30/11 and found trust fund shortages totaling $10,736,771.13. These shortages were found almost exclusively on audits of brokers involved in property management, broker escrow and private money mortgage loan activities. Some other facts about these 2010-2011 audits: Fifty of the audits completed had shortages of $10,000 or more. 42% of the property management audits performed had trust fund shortages, with shortages totaling $5,343,398.55. 42% of these audits had major findings. 39%... Read more »