ProSchools just received NMLS-approval to offer District of Columbia loan originators the 20-hour SAFE course. 

The 20-hour DC SAFE Comprehensive course satisfies the education required by the District of Columbia’s DISB. We’ve included the required 3 hours of DC Law in the course. Mortgage license applicants must also pass the SAFE Mortgage Loan Originator Test – both the state and national components. For those licensed in multiple states (and have already completed 20 hours & passed the National Test), they would only need to take the 3 hours of DC Law and pass the state component of the SAFE Test. 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 »

ProSchools has submitted a lot of courses for NMLS approval over the past month.  Approvals are rolling in now!

Our strategy is to submit a 20-hour course for each state and include the state-specific laws within the course. This serves two purposes: 1) loan originators in that state will fulfill the 20 hours for NMLS, and 2) the state laws, whether required as part of the education or not, will help LOs pass the state component of the SAFE MLO Test. Read the rest of this entry »

Are you ready for the NMLS exam? People fret about tests and taking the NMLS exam is no different. Knowing what to expect when you get to the test center can help, so here’s a quick summary so you’re prepared.

As I have posted before, mortgage loan originators aren’t required to take the NMLS education prior to taking either the National Component or the Unique State Component of the test. But in reality, a course would help prepare you to take and pass the test.

If you live in one state but want to be licensed in another, you can register for and take the exam at a local test center. The National Component and all State Components will be available at all test centers. Remember, however, the NMLS is rolling out the State Component in waves; not all states are available to date. The first wave (called the “fast-track” states) includes Arizona, Idaho, Iowa, Louisiana, Massachusetts, New Hampshire, North Carolina, Pennsylvania, Rhode Island, Vermont, and Washington. Read the rest of this entry »