It’s 2010 and meeting the NMLS education requirements and passing the SAFE exam appears to be in full swing. Lots of phone calls and lots of questions.  End of year was busy for ProSchools getting loan originators banked with the NMLS, but it went amazingly smooth.

According to the NMLS, there are several states with immediate deadlines approaching.  Here is a quick look at those states: Read the rest of this entry »

ProSchools just received NMLS-approval to offer District of Columbia loan originators the 20-hour SAFE course. 

The 20-hour DC SAFE Comprehensive course satisfies the education required by the District of Columbia’s DISB. We’ve included the required 3 hours of DC Law in the course. Mortgage license applicants must also pass the SAFE Mortgage Loan Originator Test – both the state and national components. For those licensed in multiple states (and have already completed 20 hours & passed the National Test), they would only need to take the 3 hours of DC Law and pass the state component of the SAFE Test. Read the rest of this entry »

ProSchools just got the New Jersey SAFE Comprehensive course approved! 

Requirements for New Jersey loan originators look familiar.  To be licenced, they need to complete 20 hours of NMLS-approved prelicense education, pass a national background and credit check, pass the SAFE Mortgage Loan Originator Test, and register with the Nationwide Mortgage Licensing Registry (NMLS).
I read recently there are up to 22,000 loan originators in New Jersey needing to be licensed. To make it an orderly transition, the transition and deadlines to complete the education and pass the SAFE test is being rolled out in three phases.
•New applicants on or after January 4, 2010 must complete the education and pass the SAFE Mortgage Loan Originator Test prior to applying.
•Existing individual licensees and sole proprietors must complete the education and pass the SAFE Mortgage Loan Originator Test by April 30, 2010.
•Existing mortgage solicitor registrants must complete the education and pass both the SAFE Mortgage Loan Originator Test by May 15, 2010.

Read the rest of this entry »

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 Read the rest of this entry »

The answer is yes and no.  Current Pennsylvania mortgage loan originators taking the required 20 hours of NMLS prelicense education will not have to do CE to renew this year.

However, according to the Pennsylvania Department of Banking, one individual from each licensed office of a mortgage broker, mortgage lender or mortgage loan correspondent that is not a mortgage originator, unless all of the nonclerical staff of a particular licensed office are licensed as mortgage originators, must complete 8 hours of continuing education. The CE must consist of 3 hours of federal law, 2 hours of ethics, 2 hours of nontraditional mortgage products and 1 hour of Pennsylvania mortgage laws.

ProSchools has two courses approved for CE.  We have a 1 Hour PA Mortgage Lending Compliance Laws CE and an 8 Hour PA SAFE Comprehensive CE course available. Both courses are offered online and are approved by the NMLS.  The SAFE Act requires a minimum of 8 hour CE per year and states can determine if they want to require more hours or require state-specific topics as part of the CE.

We all know the answer is “yes”. But some days it’s hard for me to remember what life was like at ProSchools before mortgage education and NMLS consumed much of my waking hours.
 
For a few minutes, I’m taking an NMLS-break. This posting is about something really cool that happened today and how ProSchools helped make it happen. 

From ProSchools’ Missions Statement…Our Core Beliefs and Promises: when all is said and done, the quality of relationships we foster will be the true measure of our success.

Every day we learn a little more about the SAFE Loan Originator Test and what to expect. First off, don’t plan on bringing your own paper and calculator to the test.  The test center provides scratch paper and a basic calculator. 

What should you do if you can’t make your scheduled exam time? Your test enrollment fees are non-transferable and non-refundable, however, you can cancel or reschedule your reservation by contacting Pearson Vue or Prometric call center. Contact the testing center you chose when you scheduled your exam.  Keep in mind, you MUST contact them no later than 12 pm local time (for the location your exam is being taken) two business days prior to your test appointment.

There are 10 pre-test, or un-scored, questions that appear on the National Component and each State-specific Component of the NMLS exam. These questions do not affect your score. The reason for these questions is they are a pilot test for future exams. Once they’ve been tested on a big enough group of testers, the questions can be reviewed to determine if they meet testing standards for future NMLS tests.

Last of all, in case ProSchools hasn’t stressed it enough…DON’T wait till the last minute to take your SAFE exam and complete your NMLS education.  Your future business depends on you meeting all the SAFE Act requirements prior to your state’s deadline.  No mercy.

And, as always, please check out ProSchools for more information on your state-specific course needs!

A few weeks ago ProSchools got the 20-Hour Iowa SAFE Comprehensive Course approved.  Now the big question is this:

Who in Iowa needs it?

Since Iowa has already had loan originator education in place for a couple years, most current Iowa mortgage licensees will have their past education “certified.”  That means they won’t need to do the 20 hours of NMLS education. However new Iowa loan originators, those just entering the business after July 2009, will need to take the 20 hour SAFE Course prior to obtaining their license. Read the rest of this entry »

As we’ve discussed before, Washington mortgage loan originators licensed prior to July 30, 2009 must complete 8 hours of approved continuing education by December 31, 2009.  If someone can show they have completed a minimum of 20 hours of approved education in the past, those hours will be “certified” and he/she won’t have to take the 20 hours of NMLS prelicense education.

In past years DFI approved courses (not hours) and licensees took courses to meet renewal requirements.  One question ProSchools has been asked lately is how someone can get credit for hours for those courses.  Here is the response I got from someone at the state:  Read the rest of this entry »

ProSchools has taken some calls from Arizona mortgage professionals lately. Loan originators have not had to complete Arizona mortgage education or pass an exam in the past to be licensed.

This all changes beginning July 1, 2010.  According to H.B. 2143, Arizona loan originators will need to complete 4 things in order to be licensed by this date. Read the rest of this entry »