ProSchools has started getting calls from New York loan originators, starting to feel the pressure. New York is a big state, so it’s good that LOs are starting to ask questions.  We just got the 20 hour New York SAFE Comprehensive course approved, plus we received approval for 3 hours of New York Law. The 20 hour course contains the 3 hours of NY Law. If someone has completed their NMLS education for another state, that person would only need to take the 3 hour NY Law course and pass the NY component of the SAFE Test.

Here is a quick look at New York loan originator requirements:

• Article 12-E of the New York Banking Law requires Mortgage Loan Originators to be licensed. To be licensed, you must: Complete 20 hours of NMLS-approved prelicense education. The education must include a minimum of 3 hours of federal law, 3 hours of ethics, 3 hours of New York law and 2 hour related to nontraditional mortgage products.
• Pass a national background and credit check.
• Pass the SAFE Mortgage Loan Originator Test. The SAFE Mortgage Loan Originator test is two exams, a national exam and a state exam, which may be taken separately. Meet bonding requirements.
• Register with the Nationwide Mortgage Licensing Registry (NMLS).

As typical, each state determines their own deadlines to meet the education and testing requirements. According to the NMLS website, the New York deadlines to complete the education and testing requirements are:

• All applicants on or after July 11, 2009 have until May 31, 2010 to complete the 20 hours of NMLS-approved education and pass the National and New York components of the SAFE Mortgage Loan Originator Test.
• Existing licensees approved as of July 11, 2009 have until August 31, 2010 to complete the 20 hours of NMLS-approved education and pass the National and New York components of the SAFE Mortgage Loan Originator Test.
• Anyone that filed an application prior to July 11, 2009 that has not been approved, withdrawn or denied has until May 31, 2010 to complete the 20 hours of NMLS-approved education and pass the National and New York components of the SAFE Mortgage Loan Originator Test.

There seems to be a distinction between having an application approved and having filed an application. If you aren’t sure, be sure to call the State of New York Banking Department.

This entry was posted on Wednesday, January 13th, 2010 at 1:56 pm and is filed under Education Requirements, Mortgage Licensing, NMLS, NMLSR, 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.