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ProSchools just got approval for two courses by the NMLS — the 20 hour West Virginia SAFE Comprehensive course and 2 hour West Virginia Law course.  Like other states, West Virginia mortgage loan originators need to complete minimum education and testing standards.

According to NMLS, all new West Virginia applicants on or after 1/4/2010 need to complete 20 hours of NMLS approved education, including 2 hours of West Virginia laws. Existing licensees prior to July 1, 2009 need to complete the education by 10/31/2010, unless the licensee already completed 20 hours of state approved education prior to 12/31/2009.  In this cases, they could get their hours “certified.”

Anyone approved between 7/1/2009 and 12/31/2009 needed to complete 20 hours of NMLS approved pre-license education, including the 2 hours of WV specific by 1/31/2010.  State approved courses are not longer accepted after 12/31/2009.

Important change: Effective June 12, West Virginia has increased the pre-licensing education requirement for MLOs from 20 hours to 22 hours and specified that two hours of the education must be related to West Virginia mortgage and consumer laws or issues.

ProSchools currently offers a 20 hour NMLS-approved National course, plus 20 hour NMLS-approved courses (containing state-specific laws) for Arizona, California, DC, Georgia Idaho, Indiana, Iowa, Louisiana, Kentucky, Massachusetts, Maryland, Michigan,  Nebraska, New Hampshire, New Jersey, New York, New Mexico,  Pennsylvania, Rhode Island, Vermont, Virginia, Washington, and West Virginia.

In addition, ProSchools has state-specific law courses approved in Arizona, California, Maryland, Massachusetts, Idaho, Indiana, Pennsylvania, Rhode Island, New York, DC, New Mexico, West Virginia, and Washington. We also have individual courses in ethics and nontraditional mortgage products approved.

Quick reminder on CE: The SAFE Act also requires loan originators complete continuing education annually. Most states won’t require continuing education in 2010 since loan originators are completing pre-licensure education this year. ProSchools has 5 continuing education courses NMLS-approved. Over the next couple of months, we will have state-specific CE courses approved for states requiring state-specific laws as part of the CE requirements.

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 »

ProSchools has the Virginia S.A.F.E. Comprehensive Course approved by the NMLS and available.  Virginia’s educational requirements are very close to the SAFE Act, requiring at least 20 hours of education approved by the NMLS. Mortgage loan originators have to take at least 3 hours of federal law, 3 hours of ethics, and 2 hours related to nontraditional mortgage products.

ProSchools’ course contains Virginia laws (usually 2-3 chapters) to help loan originators prepare for the state component of the S.A.F.E. test. The rest of the course contains national topics that will help people prepare for the national component of the exam.

As of July 1, 2010, all Virginia loan originators need to be licensed and can only apply for a Virginia MLO license by filing Form MU4 through the NMLS. If you already filed this form in another state, you do not need to do it again. 

Read the rest of this entry »

ProSchools has taken a few calls from Massachusetts loan originators lately. Often these loan originators are licensed in multiple states, making it a bit of a puzzle to figure out the most strategic plan.

Here is a quick look at what Massachusetts loan originators need to do as of July 31, 2009:

• Complete 20 hours of education. The education must include a minimum of 3 hours of mandatory Massachusetts law, 3 hours of federal law and regulations, 3 hours of ethics, and 2 hours related to lending standards for nontraditional mortgage product marketplace.
• Pass a national background check.
• Pass the SAFE Mortgage Loan Originator Test. The SAFE Mortgage Loan Originator test is actually two exams, a national exam and a state exam, which may be taken separately.
• Register with the National Mortgage Licensing Registry (NMLS). Read the rest of this entry »
  Tags: Add new tag, Massachusetts mortgage loan originator, NMLS, NMLS approved course, NMLS approved provider, NMLS education, NMLS exam, NMLS requirements, SAFE Act, SAFE Comprehensive course