ProSchools has submitted a lot of courses for NMLS approval over the past month.  Approvals are rolling in now!

Our strategy is to submit a 20-hour course for each state and include the state-specific laws within the course. This serves two purposes: 1) loan originators in that state will fulfill the 20 hours for NMLS, and 2) the state laws, whether required as part of the education or not, will help LOs pass the state component of the SAFE MLO Test.

New Hampshire mortgage loan originators have no time to waste!  They will need to take the 20-Hour New Hampshire SAFE Comprehensive Course and pass the SAFE MLO test by December 31, 2009. Keep in mind that if you fail the exam (we aren’t anticipating failure…but just in case), there is a 30-day waiting period to re-take.

Kentucky loan originators applying on or before October 31, 2009, will need to complete 20-hours of pre-license education and 12 hours of continuing education by November 30, 2009. According to the Kentucky DFI website, the 12 continuing education hours can apply toward the 20 hour pre-licensing requirement.

Pre-licensing education consists of any approved education the individual has completed since being registered by DFI (including previous years). They’ll also need to submit a background check and pass the State and National portions of the S.A.F.E. MLO exam by June 30, 2010.  Plus they must file an individual credit report by November 30, 2010. Our NMLS-approved Kentucky course will fulfill the education.

It looks like individuals applying for a license after November 1, 2009 will need to meet the education, pass the exam, and complete the background check prior to licensing.

This entry was posted on Monday, September 14th, 2009 at 10:48 am and is filed under Education Requirements, Mortgage Licensing, NMLS, SAFE Act. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.