Looks like starting January 4, 2010, the California Department of Corporations will implement Senate Bill 36, getting California mortgage originators in compliance with the SAFE Act passed in 2008.  The SAFE Act requires all mortgage loan originators to be licensed through the NMLS. 

Who needs the license?  Anyone who provides services as a mortgage loan originator in California needs to apply for and get a license by July 31, 2010. We’re told there’s an estimated 45-50,000 people needing to get licensed. Read the rest of this entry »

Everyone will be required to complete 20 hours of NMLS-approved prelicense education, pass both the National and California components of the SAFE Mortgage Loan Originator Test, submit fingerprints for a criminal background check, authorize a credit report through the NMLS, and register with the NMLS.

The deadlines to complete the requirements depends on if you are an employee of a California Finance Lender, Residential Mortgage Lender or are a Real Estate licensee.

Employees of a California Finance Lender or Residential Mortgage Lender are regulated by the Department of Corporations and must do the following by May 28, 2010:

Read the rest of this entry »