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 »

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 »

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 »

We hear it over and over from state regulators: DO NOT WAIT to take the SAFE Loan Originator Test! You can take the national component of the exam now and if the state component is available, take that exam as well. Currently there are 19 states that have the state component available in addition to the national component. All state component’s are expected to be available by the end of 2010.

The main reason for not waiting is the Test Retake Policy. The SAFE Act requires that if someone fails either the National component or the State component of the SAFE Loan Originator exam they must wait 30 days before they can retake that exam. That means if you wait until right before the deadline and fail, you can’t work as a loan originator until you pass. That would be at least 30 days of not working!

ProSchools has SAFE Loan Originator Test Prep products for the National component of the exam and the State component for Arizona, Idaho, Iowa, Kentucky, Louisiana, Maryland, Michigan, New Hampshire, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia and Washington. Keep in mind, you only need to pass the National component once.

A few weeks ago ProSchools got the 20-Hour Iowa SAFE Comprehensive Course approved.  Now the big question is this:

Who in Iowa needs it?

Since Iowa has already had loan originator education in place for a couple years, most current Iowa mortgage licensees will have their past education “certified.”  That means they won’t need to do the 20 hours of NMLS education. However new Iowa loan originators, those just entering the business after July 2009, will need to take the 20 hour SAFE Course prior to obtaining their license. Read the rest of this entry »

ProSchools just got Iowa Division of Banking approval for the 20-hour loan originator prelicense course.  One of the requirements under Title V of the Secure and Fair Enforcement of Mortgage Licensing Act (SAFE), requires mortgage loan originators (MLOs) to meet minimum standards for education and passing an exam.

Beginning January 1, 2009, Iowa loan originators who are new in the business will be required to complete 20 hours of education and pass a state exam. The hours need to include at least 3 hours of federal laws and rules; 3 hours of ethics, including fraud, consumer protection, and fair lending issues; and 2 hours of training relating to lending standards for nontraditional mortgage products (this could be any product that is not a 30-year fixed rate mortgage).

Read the rest of this entry »