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 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 »

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.

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

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 »

It really depends on the state. Many states required either prelicense or continuing education for loan originators prior to the SAFE Act. If you have already taken state-approved education, the general rule of thumb is: if you’ve taken at least 20 hours of state-approved education in the last 5 years, then the state will “certify” that you have complied with the NMLS prelicense education.

There is a “BUT” though. A few states required education BUT did not require the education to be state-approved. That is the case in Virginia. Legislation required loan originators in Virginia to complete 18 hours of specific education but the loan originator’s manager decided if the course was acceptable. Because the 18 hour course was not state-approved, Virginia loan originators will have to take the 20 hour SAFE Comprehensive course by July 1, 2010.

You will need to check with your particular regulatory agency to find out for sure if any education you took previously will count towards the SAFE requirement. ProSchools continues to track the SAFE Act transition plan for each state!