ProSchools has started getting calls from New York loan originators, starting to feel the pressure. New York is a big state, so it’s good that LOs are starting to ask questions.  We just got the 20 hour New York SAFE Comprehensive course approved, plus we received approval for 3 hours of New York Law. The 20 hour course contains the 3 hours of NY Law. If someone has completed their NMLS education for another state, that person would only need to take the 3 hour NY Law course and pass the NY component of the SAFE Test.

Here is a quick look at New York loan originator requirements:

• Article 12-E of the New York Banking Law requires Mortgage Loan Originators to be licensed. To be licensed, you must: Complete 20 hours of NMLS-approved prelicense education. The education must include a minimum of 3 hours of federal law, 3 hours of ethics, 3 hours of New York law and 2 hour related to nontraditional mortgage products. Read the rest of this entry »
  Tags: New York Banking Department, New York loan originator, New York mortgage loans, NMLS, NMLS approved provider, NMLS education, SAFE Act, SAFE Test