ProSchools received approval from the NMLS for two online instructor-led courses for New Mexico mortgage loan originators: the 20-Hour NM SAFE Comprehensive course and a 3-Hour NM Mortgage Law course.

The 20 hour course, required education as a result of the 2008 SAFE Act, includes 3 hours of New Mexico Law that loan originators need.

Mortgage loan originators also need to pass the SAFE Mortgage Loan Originator Test, a two-part exam. The plan at ProSchools is to include the laws in the course so it serves as exam prep too. Read the rest of this entry »

Not ready to start thinking about mortgage CE?  Can’t blame you, but here’s a quick update…

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The NMLS has approved five new online CE courses for ProSchools. The courses are intended for mortgage loan originators, meet S.A.F.E. Act requirements, and are all National courses.  Topics
and hours:
• 7 Hour SAFE Core
• 8 Hour SAFE Core
• 3 Hour Federal Mortgage Laws CE
• 2 Hour Lending Ethics CE
• 2 Hour Nontraditional Mortgage Products CE.

In addition, ProSchools has an 8 Hour PA SAFE Comprehensive CE and 1 Hour PA Mortgage Lending Laws Compliance CE. 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 »

New York mortgage loan originator’s will need to complete 20 hours of NMLS-approved education, including 3 hours of New York mortgage law, pass both the National and New York Components of the SAFE Mortgage Loan Originator Test and meet new bonding requirements over the next year.
To facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, the deadlines to complete the education, testing and bonding requirements are:

•An individual who was engaged in MLO activities as of July 11, 2009, and filed an application prior to July 11, 2009, has until May 31, 2010 to meet the education, testing and bonding requirements.
•An individual who was engaged in MLO activities with respect to manufactured homes as of July 11, 2009 must file an application by with the Superintendent by December 31, 2009 and must meet the education, testing and bonding requirements by May 31, 2010.
•An individual who was authorized to act as an MLO as of July 11, 2009 has until August 31, 2010 to meet the education, testing and bonding requirements Read the rest of this entry »

The answer is yes and no.  Current Pennsylvania mortgage loan originators taking the required 20 hours of NMLS prelicense education will not have to do CE to renew this year.

However, according to the Pennsylvania Department of Banking, one individual from each licensed office of a mortgage broker, mortgage lender or mortgage loan correspondent that is not a mortgage originator, unless all of the nonclerical staff of a particular licensed office are licensed as mortgage originators, must complete 8 hours of continuing education. The CE must consist of 3 hours of federal law, 2 hours of ethics, 2 hours of nontraditional mortgage products and 1 hour of Pennsylvania mortgage laws.

ProSchools has two courses approved for CE.  We have a 1 Hour PA Mortgage Lending Compliance Laws CE and an 8 Hour PA SAFE Comprehensive CE course available. Both courses are offered online and are approved by the NMLS.  The SAFE Act requires a minimum of 8 hour CE per year and states can determine if they want to require more hours or require state-specific topics as part of the CE.

I received an email from the Rhode Island Department of Business Regulation a couple days ago, stressing that all loan originators have to take the SAFE exams by 12/31/09. Whether they are new mortgage loan originators or previously licensed prior to 7/31/09, they need to pass the tests and meet NMLS requirements. Read the rest of this entry »

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 »

We all know the answer is “yes”. But some days it’s hard for me to remember what life was like at ProSchools before mortgage education and NMLS consumed much of my waking hours.
 
For a few minutes, I’m taking an NMLS-break. This posting is about something really cool that happened today and how ProSchools helped make it happen. 

From ProSchools’ Missions Statement…Our Core Beliefs and Promises: when all is said and done, the quality of relationships we foster will be the true measure of our success.

Hurray for Washington!! ProSchools’ Washington SAFE Comprehensive Course just got NMLS approval! This course meets the 20-Hour NMLS education requirement for mortgage loan originators in Washington.

Quick review of Washington’s transition plan for mortgage loan originators (to meet NMLS education requirements): Those licensed prior to July 30, 2009 will have until June 30, 2010 to complete all the requirements. If a licensee can show he/she has completed 20 hours of approved education, they won’t have to take the 20-Hour NMLS course.   Read the rest of this entry »

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The NMLS is anticipating 24 states will be able to take the state and national components of the NMLS exam by the end of the year. So far almost every state (47 states), plus the District of Columbia, have passed legislation that requires prelicense education, passing the NMLS exam, submitting fingerprints for a criminal background check, and demonstrating financial responsibility.

It looks like the majority of states are requiring that the license requirements be met by July 31, 2010, but some have a December 31, 2009 deadline. Even states that have the later deadline are encouraging loan originators to meet the license requirements by the end of 2009 to prevent a bottleneck. The only hitch is the background and credit check. The NMLS is working hard to add that feature to their system but it probably won’t be until 2010 before those requirements are done through the NMLS.

ProSchools encourages mortgage loan originators to check the NMLS website for frequent updates.