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 »

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 »

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.

In answer to the question, are we there yet? Almost! Last week we received official word that ProSchools is approved as an NMLS provider!

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires anyone wanting to offer NMLS courses must first become an “NMLS Approved” course provider.  Step one: done!

Next, all education courses for loan originators must be approved by the NMLS. This applies to both prelicense and continuing education courses. The NMLS is accepting course submissions from approved providers as of today, July 15.  It is expected to take approximately 30 days for course approval, although NMLS expects a limited number of prelicense courses approved by late July. Read the rest of this entry »