We hear it over and over from state regulators: DO NOT WAIT to take the SAFE Loan Originator Test! You can take the national component of the exam now and if the state component is available, take that exam as well. Currently there are 19 states that have the state component available in addition to the national component. All state component’s are expected to be available by the end of 2010.

The main reason for not waiting is the Test Retake Policy. The SAFE Act requires that if someone fails either the National component or the State component of the SAFE Loan Originator exam they must wait 30 days before they can retake that exam. That means if you wait until right before the deadline and fail, you can’t work as a loan originator until you pass. That would be at least 30 days of not working!

ProSchools has SAFE Loan Originator Test Prep products for the National component of the exam and the State component for Arizona, Idaho, Iowa, Kentucky, Louisiana, Maryland, Michigan, New Hampshire, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia and Washington. Keep in mind, you only need to pass the National component once.

This entry was posted on Thursday, October 1st, 2009 at 1:29 pm 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.