It’s July 5th and quite a few more state NMLS deadlines have passed for completing prelicense education, SAFE testing, and criminal background check compliance. June deadlines included Nebraska, Wyoming, California DOC, Kentucky, and Illinois. July 1st deadlines were Virginia and Vermont.

One state in particular ProSchools has been watching is Minnesota.  Their plan was not clear early on.  With passage of Chapter 58A, Minnesota’s transition plan is to certify mortgage loan originators who have completed 20 hours of MN commission-approved courses before July 31, 2010. By getting the hours certified, they may not have to take the NMLS-approved education.

Minnesota loan originators that don’t complete the 20 hours by July 31, 2010, will need to take the 20 hours of NMLS training. The 20 hours has to be completed before a MLO license can be approved. As far as continuing education, the new language in Chapter 58A requires loan originators complete 8 hours of NMLS-approved CE annually. You’ll need to complete the CE in 2011 in order to renew your license for 2012.

In addition to the education, Minnesota loan originators also need to pass both the State and National Components of the SAFE MLO test in order to obtain their license.  The State Component of the test is expected to be available October 1, 2010. Like LOs in other states, Minnesota LOs are encouraged to take the National test now and get that out of the way, even though the State test isn’t available yet.

Looks like starting January 4, 2010, the California Department of Corporations will implement Senate Bill 36, getting California mortgage originators in compliance with the SAFE Act passed in 2008.  The SAFE Act requires all mortgage loan originators to be licensed through the NMLS. 

Who needs the license?  Anyone who provides services as a mortgage loan originator in California needs to apply for and get a license by July 31, 2010. We’re told there’s an estimated 45-50,000 people needing to get licensed. Read the rest of this entry »