In the recent Real Estate Educational Services (REES) investigation, the Nationwide Multistate Licensing System (NMLS) questioned the educational hours of many mortgage loan officers in California. This investigation applied to those professionals who completed their continuing education hours through REES. As a result of this investigation, many Mortgage Loan Originators accepted a settlement and were given a 90-day license suspension. In order to get back into their career, these professionals are required to petition for license reinstatement.
Related Article: How Long Do I Have to Wait to Reinstate A Real Estate License?
Petition to Reinstate Mortgage Loan Officer Licenses
As a result of this REES investigation for educational fraud, the California Department of Real Estate (DRE) is requiring mortgage loan officers to adhere to a 90-day “cooling-off period.” Beginning January 1, 2022, these professionals will not be able to utilize their license and must wait the full three-month time period before petitioning to reinstate their licenses. If you were involved in these REES investigations, the earliest you can submit your petition is April 1, 2022.
This lengthy suspension may prove to be extremely difficult. It’s crucial that you complete all of your paperwork long before April 1 to ensure you can get back to work quickly. The DRE reviews these petitions in the order they are submitted and the process typically takes a minimum of 45 days to complete. If you wait too long to petition your license reinstatement, you could be out of work even longer.
Although it’s important to adhere to these deadlines, it’s also imperative that you have all the proper documentation for your petition for reinstatement. This process can be complicated. It requires the petitioner to include extensive documentation and information including mitigating evidence and several application forms.
Related Article: Real Estate Agent License Investigations
When to Hire a License Defense Lawyer
Avoid these complications by contacting a professional license defense attorney like those at Unlock Legal no later than February 1, 2022. The expert lawyers at Unlock Legal have decades of experience helping professionals as you get back to work quickly. Our team will expertly manage the requirements for your petition and submit it by your April 1 deadline.
Contact Unlock Legal
Was your license suspended after the REES investigation? Contact us immediately.
We understand that time is of the essence for protecting your license and livelihood. Schedule a consultation with our experienced team at Unlock Legal NOW and allow us to help you get your career back on track.
Unlock Legal provides focused representation in criminal defense and license defense for California professionals. Contact Unlock Legal today or give us a call at 949-988-4444 to speak with a professional about your case and your unique needs. You’ll find we are compassionate, easy to talk to, and willing to help in any capacity we can.
