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.

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 »