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.
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The last few weeks have been busy with NMLS submissions and approvals. The online instructor-led format has kept our instructors and staff on their toes. I track our student feedback, and people seem to enjoy and get a lot out of the courses. We continue making improvements along the way.  A few of our staff attended a webinar this week and we received some good ideas & suggestions from experts that specialize in this type of training.

To date, ProSchools has received NMLS approval for the 20-Hour SAFE course in 15 states:  Arizona, Idaho, Kentucky, Louisiana, Massachusetts, Michigan, New Hampshire, Pennsylvania, Rhode Island, Vermont, Virginia, Washington, Iowa, Maryland, and Georgia. Each of these 20-hour courses contains state-specific laws. We also have the 20-Hour SAFE Comprehensive course approved without state laws.  Any loan originator in the country could take that course right now. Read the rest of this entry »

Everyone will be required to complete 20 hours of NMLS-approved prelicense education, pass both the National and California components of the SAFE Mortgage Loan Originator Test, submit fingerprints for a criminal background check, authorize a credit report through the NMLS, and register with the NMLS.

The deadlines to complete the requirements depends on if you are an employee of a California Finance Lender, Residential Mortgage Lender or are a Real Estate licensee.

Employees of a California Finance Lender or Residential Mortgage Lender are regulated by the Department of Corporations and must do the following by May 28, 2010:

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Pennsylvania just announced they are extending the deadline for Mortgage Loan Originators to pass the National and Pennsylvania SAFE Mortgage Loan Originator Test. The deadline to complete the 20 hours of NMLS approved education is still December 31, 2009!

The deadline to pass the exams is now April 30, 2010. Extending the deadline will allow an individual who does not pass their exam an opportunity to retake the exam and still be in compliance.

The SAFE Act allows individuals four opportunities to take each of the test components. However, you must wait 30 days between each attempt. If an individual does not pass after all four opportunities then the SAFE test cannot be retaken for six month.

The main theme I think that can be learned from this is that states might be more willing to extend the testing deadlines because of the retake policy and test availability, but may not budge on the education deadlines! ProSchools, an NMLS-approved provider, has taken lots of calls from Pennsylvania loan originators concerned about the end of year deadline. Some people are not aware of the change, so we are trying to get the word out.

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. 

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Every state has a specific deadline to meet education requirements mandated by the SAFE Act. New Hampshire and Pennsylvania are requiring individuals complete at least 20 hours of NMLS-approved education by December 31, 2009. The rest of the states are requiring the education sometime in 2010, with most requiring NMLS education completion by July 31, 2010.

Just because your state’s deadline isn’t until 2010 — don’t wait until the last minute! The majority of state regulators are strongly recommending their mortgage loan originators complete the NMLS education and pass the SAFE Loan Originator Test well ahead of the deadline.  This will help ensure they have adequate time to process all the applications. Plus, if you fail the SAFE exam you have to wait 30 days to retake the test!

ProSchools, an NMLS-approved provider, has a 20 Hour SAFE Comprehensive course available for states that are not requiring specific hours in state law. If you are a licensed loan originator in a state that is requiring state specific hours, ProSchools currently has NMLS-approved courses in Arizona, Idaho, Massachusetts, Pennsylvania, Rhode Island and Washington. Many more states will be available soon!

Definitely. In fact the Georgia Department of Banking and Finance says in their Loan Originator Update: “Loan Originators are encouraged to begin the pre-licensing education and testing early and can take the National requirements separately from the Georgia requirements.”

Georgia does not require state-specific hours for the prelicense requirement so loan originators can take the 20-Hour SAFE Comprehensive course and take the National component of the SAFE Loan Originator exam prior to completing the state-specific requirements.

ProSchools will have the Georgia state SAFE Loan Originator Test Prep available soon. In the meantime, Georgia mortgage loan originators can get ahead of the game with our 20 Hour SAFE Comprehensive course that includes exam prep for the National component of the SAFE exam! Stay in compliance with your originator license.

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 »