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 just received NMLS-approval to offer District of Columbia loan originators the 20-hour SAFE course. 

The 20-hour DC SAFE Comprehensive course satisfies the education required by the District of Columbia’s DISB. We’ve included the required 3 hours of DC Law in the course. Mortgage license applicants must also pass the SAFE Mortgage Loan Originator Test – both the state and national components. For those licensed in multiple states (and have already completed 20 hours & passed the National Test), they would only need to take the 3 hours of DC Law and pass the state component of the SAFE Test. 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 just got the New Jersey SAFE Comprehensive course approved! 

Requirements for New Jersey loan originators look familiar.  To be licenced, they need to complete 20 hours of NMLS-approved prelicense education, pass a national background and credit check, pass the SAFE Mortgage Loan Originator Test, and register with the Nationwide Mortgage Licensing Registry (NMLS).
I read recently there are up to 22,000 loan originators in New Jersey needing to be licensed. To make it an orderly transition, the transition and deadlines to complete the education and pass the SAFE test is being rolled out in three phases.
•New applicants on or after January 4, 2010 must complete the education and pass the SAFE Mortgage Loan Originator Test prior to applying.
•Existing individual licensees and sole proprietors must complete the education and pass the SAFE Mortgage Loan Originator Test by April 30, 2010.
•Existing mortgage solicitor registrants must complete the education and pass both the SAFE Mortgage Loan Originator Test by May 15, 2010.

Read the rest of this entry »

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 »

The last few weeks have been busy with NMLS submissions and approvals. The online instructor-led format has kept our instructors and staff on their toes. I track our student feedback, and people seem to enjoy and get a lot out of the courses. We continue making improvements along the way.  A few of our staff attended a webinar this week and we received some good ideas & suggestions from experts that specialize in this type of training.

To date, ProSchools has received NMLS approval for the 20-Hour SAFE course in 15 states:  Arizona, Idaho, Kentucky, Louisiana, Massachusetts, Michigan, New Hampshire, Pennsylvania, Rhode Island, Vermont, Virginia, Washington, Iowa, Maryland, and Georgia. Each of these 20-hour courses contains state-specific laws. We also have the 20-Hour SAFE Comprehensive course approved without state laws.  Any loan originator in the country could take that course right now. Read the rest of this entry »

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.

South Carolina loan originators will now have to complete 20 hours of prelicense education and pass the SAFE exam to be licensed. The exams will consist of a National component and a separate South Carolina component. The deadline for current and new licensees to meet the new SAFE requirements depends on when you were licensed. 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 »

Bad news: there are 50 states (plus territories) to track NMLS requirements, transition plans, and deadlines. Good news: there seems to be some common themes and practices, making it feel a little easier to grasp. This is where I find Maryland mortgage loan originator requirements.

Like all states, Maryland loan originators must complete 20 hours of NMLS prelicense education, including 3 hours of federal law, 3 hours of ethics, 2 hours of nontraditional loans, however, they must also complete 5 hours of Maryland law.

And like all states, they have to pass the SAFE Mortgage loan Originator Test. It is a 2-part test, a national component and a state component, which can be taken separately. Then there is a bonding requirement, passing a background check, and demonstrating financial responsibility. Read the rest of this entry »