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.

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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.
  Read the rest of this entry »

The last few weeks have been busy with NMLS submissions and approvals. The online instructor-led format has kept our instructors and staff on their toes. I track our student feedback, and people seem to enjoy and get a lot out of the courses. We continue making improvements along the way.  A few of our staff attended a webinar this week and we received some good ideas & suggestions from experts that specialize in this type of training.

To date, ProSchools has received NMLS approval for the 20-Hour SAFE course in 15 states:  Arizona, Idaho, Kentucky, Louisiana, Massachusetts, Michigan, New Hampshire, Pennsylvania, Rhode Island, Vermont, Virginia, Washington, Iowa, Maryland, and Georgia. Each of these 20-hour courses contains state-specific laws. We also have the 20-Hour SAFE Comprehensive course approved without state laws.  Any loan originator in the country could take that course right now. Read the rest of this entry »

Pennsylvania just announced they are extending the deadline for Mortgage Loan Originators to pass the National and Pennsylvania SAFE Mortgage Loan Originator Test. The deadline to complete the 20 hours of NMLS approved education is still December 31, 2009!

The deadline to pass the exams is now April 30, 2010. Extending the deadline will allow an individual who does not pass their exam an opportunity to retake the exam and still be in compliance.

The SAFE Act allows individuals four opportunities to take each of the test components. However, you must wait 30 days between each attempt. If an individual does not pass after all four opportunities then the SAFE test cannot be retaken for six month.

The main theme I think that can be learned from this is that states might be more willing to extend the testing deadlines because of the retake policy and test availability, but may not budge on the education deadlines! ProSchools, an NMLS-approved provider, has taken lots of calls from Pennsylvania loan originators concerned about the end of year deadline. Some people are not aware of the change, so we are trying to get the word out.

I received an email from the Rhode Island Department of Business Regulation a couple days ago, stressing that all loan originators have to take the SAFE exams by 12/31/09. Whether they are new mortgage loan originators or previously licensed prior to 7/31/09, they need to pass the tests and meet NMLS requirements. Read the rest of this entry »

South Carolina loan originators will now have to complete 20 hours of prelicense education and pass the SAFE exam to be licensed. The exams will consist of a National component and a separate South Carolina component. The deadline for current and new licensees to meet the new SAFE requirements depends on when you were licensed. Read the rest of this entry »

ProSchools has recently received approval for Rhode Island mortgage courses to meet the 20-hour S.A.F.E. Act requirements. Rhode Island mortgage loan originators must complete at least 20 hours of approved education, including a minimum of 3 hours of Rhode Island law, 3 hours of federal law, 3 hours of ethics and 2 hours related to nontraditional mortgage products.

Rhode Island is one of the states that says any loan originator that has taken at least 20 hours of state-approved education may be eligible to have their hours certified as having fulfilled the prelicense education requirement. As of December 1, 2009 only NMLS-approved courses will be accepted to meet MLO education requirements, so if you plan to do state-approved courses, this would be the time to get them done and certified. Read the rest of this entry »

Rhode Island loan originators may not have it too difficult. Looks like mortgage loan originators that have taken at least 20 hours of state-approved education should be able to have their hours “certified” as having fulfilled the 20-hour NMLS prelicense education requirements. I’ve seen other states operating on this approach, which is great if you’ve done state-approved education in the past. Make sure to check with your state to see if former mortgage education will count towards NMLS education.

Important note: Anyone that has taken less than 20 hours of state-approved education must complete the remaining hours in state-approved courses by November 30, 2009 in order to have their hours certified by the state. These are state-approved courses, not NMLS-approved courses. If you have 18 hours completed as of today, I’d do 2 more hours before the deadline. Read the rest of this entry »

Every state has a specific deadline to meet education requirements mandated by the SAFE Act. New Hampshire and Pennsylvania are requiring individuals complete at least 20 hours of NMLS-approved education by December 31, 2009. The rest of the states are requiring the education sometime in 2010, with most requiring NMLS education completion by July 31, 2010.

Just because your state’s deadline isn’t until 2010 — don’t wait until the last minute! The majority of state regulators are strongly recommending their mortgage loan originators complete the NMLS education and pass the SAFE Loan Originator Test well ahead of the deadline.  This will help ensure they have adequate time to process all the applications. Plus, if you fail the SAFE exam you have to wait 30 days to retake the test!

ProSchools, an NMLS-approved provider, has a 20 Hour SAFE Comprehensive course available for states that are not requiring specific hours in state law. If you are a licensed loan originator in a state that is requiring state specific hours, ProSchools currently has NMLS-approved courses in Arizona, Idaho, Massachusetts, Pennsylvania, Rhode Island and Washington. Many more states will be available soon!

Definitely. In fact the Georgia Department of Banking and Finance says in their Loan Originator Update: “Loan Originators are encouraged to begin the pre-licensing education and testing early and can take the National requirements separately from the Georgia requirements.”

Georgia does not require state-specific hours for the prelicense requirement so loan originators can take the 20-Hour SAFE Comprehensive course and take the National component of the SAFE Loan Originator exam prior to completing the state-specific requirements.

ProSchools will have the Georgia state SAFE Loan Originator Test Prep available soon. In the meantime, Georgia mortgage loan originators can get ahead of the game with our 20 Hour SAFE Comprehensive course that includes exam prep for the National component of the SAFE exam! Stay in compliance with your originator license.