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 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

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 »

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 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 »

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

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!

Image via Wikipedia

Just heard from someone at the Pennsylvania Department of Banking that the amendments to the Mortgage Licensing Act were signed by the Governor yesterday (8/5/09).  House Bill 1654 amends Pennsylvania’s existing mortgage licensing law and is now titled the Mortgage Licensing Act (“MLA”).

All loan originators in Pennsylvania will need 20 hours of NMLS–approved education by December 31, 2009, as part of meeting the new SAFE Act.  The 20 hours must include 3 hours of federal law & regs, 3 hours of ethics, 2 hours of lending standards for the non-traditional mortgage marketplace, 3 hours of Pennsylvania law & regs, and 9 hours related to the mortgage industry. Read the rest of this entry »