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 »

Some states feel like they are a long ways off before needing to complete NMLS requirements.  Vermont feels like one of those states, but we’re getting calls, so here is a quick re-cap of what Vermont mortgage loan originators should expect.

Vermont mortgage loan originators need to:

• Complete at least 20 hours of NMLS-approved prelicense education.  Like all states, the hours must include at least (3) hours of federal laws and regulations; (2) hours of ethics, including instruction on fraud, consumer protection, and fair lending; and (2) hours related to lending standards for the nontraditional mortgage product marketplace.
• 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. ProSchools recommends that you take your course first, and then take your test, but you can complete the requirements in any order.
• Submit fingerprints to the NMLS. It is anticipated that you can begin submitting fingerprints to the NMLS November 1, 2009.
• Meet bonding requirements. The bonding requirement is a graduated dollar amount based upon the amount of loans originated in Vermont.
• Demonstrate financial responsibility, experience, character and general fitness. Plan on submitting your personal history and experience information to the NMLS. Credit reports and credit scores will also be reviewed. Read the rest of this entry »
  Tags: mortgage license, NMLS education, NMLS exam, NMLS requirements, SAFE Act, SAFE Comprehensive course, Vermont loan officers, Vermont mortgage brokers, Vermont mortgage loan originators

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

Rhode Island loan originators may not have it too difficult. Looks like mortgage loan originators that have taken at least 20 hours of state-approved education should be able to have their hours “certified” as having fulfilled the 20-hour NMLS prelicense education requirements. I’ve seen other states operating on this approach, which is great if you’ve done state-approved education in the past. Make sure to check with your state to see if former mortgage education will count towards NMLS education.

Important note: Anyone that has taken less than 20 hours of state-approved education must complete the remaining hours in state-approved courses by November 30, 2009 in order to have their hours certified by the state. These are state-approved courses, not NMLS-approved courses. If you have 18 hours completed as of today, I’d do 2 more hours before the deadline. Read the rest of this entry »

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!