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 »

Everyone will be required to complete 20 hours of NMLS-approved prelicense education, pass both the National and California components of the SAFE Mortgage Loan Originator Test, submit fingerprints for a criminal background check, authorize a credit report through the NMLS, and register with the NMLS.

The deadlines to complete the requirements depends on if you are an employee of a California Finance Lender, Residential Mortgage Lender or are a Real Estate licensee.

Employees of a California Finance Lender or Residential Mortgage Lender are regulated by the Department of Corporations and must do the following by May 28, 2010:

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