New NMLS education and SAFE testing requirements for New York mortgage loan originators: What can be done now?
Posted by Abby Mindt in Education Requirements, Mortgage Licensing, NMLS, NMLSR, SAFE Act, Uncategorized
New York mortgage loan originator’s will need to complete 20 hours of NMLS-approved education, including 3 hours of New York mortgage law, pass both the National and New York Components of the SAFE Mortgage Loan Originator Test and meet new bonding requirements over the next year.
To facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, the deadlines to complete the education, testing and bonding requirements are:
•An individual who was engaged in MLO activities as of July 11, 2009, and filed an application prior to July 11, 2009, has until May 31, 2010 to meet the education, testing and bonding requirements.
•An individual who was engaged in MLO activities with respect to manufactured homes as of July 11, 2009 must file an application by with the Superintendent by December 31, 2009 and must meet the education, testing and bonding requirements by May 31, 2010.
•An individual who was authorized to act as an MLO as of July 11, 2009 has until August 31, 2010 to meet the education, testing and bonding requirements
ProSchools submitted a 20 Hour NY SAFE Comprehensive course and a 3 Hour New York State Mortgage Laws course to the NMLS early this week. It is taking approximately 30 days for the NMLS to approve courses so it will likely be mid-November before the courses are approved. In the meantime, ProSchools has the 20 Hour National SAFE Comprehensive course and the New York SAFE Mortgage Loan Originator Test Prep available now. You can get all but the 3 hours of New York Mortgage Law done now!
Getting things done early is the best advice we can give loan originators these days!
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