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 has submitted a lot of courses for NMLS approval over the past month.  Approvals are rolling in now!

Our strategy is to submit a 20-hour course for each state and include the state-specific laws within the course. This serves two purposes: 1) loan originators in that state will fulfill the 20 hours for NMLS, and 2) the state laws, whether required as part of the education or not, will help LOs pass the state component of the SAFE MLO Test. Read the rest of this entry »

It really depends on the state. Many states required either prelicense or continuing education for loan originators prior to the SAFE Act. If you have already taken state-approved education, the general rule of thumb is: if you’ve taken at least 20 hours of state-approved education in the last 5 years, then the state will “certify” that you have complied with the NMLS prelicense education.

There is a “BUT” though. A few states required education BUT did not require the education to be state-approved. That is the case in Virginia. Legislation required loan originators in Virginia to complete 18 hours of specific education but the loan originator’s manager decided if the course was acceptable. Because the 18 hour course was not state-approved, Virginia loan originators will have to take the 20 hour SAFE Comprehensive course by July 1, 2010.

You will need to check with your particular regulatory agency to find out for sure if any education you took previously will count towards the SAFE requirement. ProSchools continues to track the SAFE Act transition plan for each state!