ProSchools is starting to sense some end-of-year alarm from loan originators, with Pennsylvania and New Hampshire’s deadline fast approaching, December 31.  At the same time, we are preparing for the next big wave to hit the NMLS front –Georgia, by end of March, and then New Jersey by April 30, 2009. 

According to a table on the Conference of State Bank Supervisor’s website, the number of Mortgage Loan Originators (MLOs) in New Jersey likely needing the NMLS education and SAFE test is estimated at over 22,000. Quite a large group! Of course not everyone will maintain their license.

Here’s a summary of the New Jersey NMLS education and testing requirements, plus deadlines. They fall into three categories:
•New loan originator applicants on or after January 4, 2010 will need to complete the education and pass both the National and New Jersey components of the SAFE Mortgage Loan Originator test prior to applying.
•Existing individual licensees and sole proprietors must complete the education and pass both the National and New Jersey components of the SAFE Mortgage Loan Originator Test by April 30, 2010.
•Existing mortgage solicitor registrants must complete the education and pass both the National and New Jersey components of the SAFE Mortgage Loan Originator Test by May 15, 2010.
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