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aduncan
125 Posts |
 Posted - 10/29/2009 : 10:40:25 AM
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| I am taking a 3 day class next week for the national test as I was told it has to be passed by 12/31/09. I have seen and heard that is not needed now until 12/31/2010 can someone confirm? |
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jstar
1230 Posts |
Posted - 10/29/2009 : 10:43:46 AM
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| The company I work for is requiring we have this completed before 12/31/2009.... I have not heard of any extensions. |
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jtm7332
617 Posts |
Posted - 10/29/2009 : 11:03:49 AM
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| We are required in Iowa to pass the test no later than 12/31/2010. I am hearing that there has been reports of up to a 40% failure rate and you must wait at least 30 days to retake the test. |
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kac
7 Posts |
Posted - 10/29/2009 : 11:15:26 AM
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| Better study, it i s not easy. |
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aduncan
125 Posts |
Posted - 10/29/2009 : 11:32:20 AM
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| I am taking the class next week but I want to tell my team when is the deadline. |
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jon.bodan@theper
118 Posts |
Posted - 10/29/2009 : 12:34:15 PM
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| the deadline depends on the state you're in. in GA, it's 3/31/10. |
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eh6794
1035 Posts |
Posted - 10/29/2009 : 12:43:53 PM
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quote:
Originally posted by aduncan
I am taking a 3 day class next week for the national test as I was told it has to be passed by 12/31/09. I have seen and heard that is not needed now until 12/31/2010 can someone confirm?
california is dec 2010
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inhouseLO
108 Posts |
Posted - 10/29/2009 : 1:26:00 PM
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The deadline to pass the test for the federal stuff is next year, but most states (including my home of NY) will not renew your license unless you've passed the test. I took the 20 hour course last week, and took the test on Saturday. The course was insightful with regards to the Federal laws. Without the course, I wouldn't have passed.
If the 40% failure rate is true, I'd bet that 99% of those who fail either don't take a course or don't take it seriously. Everyone I know who took the test has passed so far.
If there's anything to be said, I went into it knowing it's my livelyhood and took it seriously, and got an 88%. I wanted to be in the 90's, but I'll take it. |
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SuperCoop
7 Posts |
Posted - 10/29/2009 : 4:14:38 PM
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PA is 12/31/2009... Test is a pain in the neck. Did better on the State portion then the Federal.
40 % failure rates seems high i would think closer to 20%. Right now I do not know anybody who did not pass.
Once it is done you are done and should help to thin the herd and start to raise the bar for the whole industry.
Ross |
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madonna
365 Posts |
Posted - 10/29/2009 : 5:40:53 PM
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information for state of Illinois:
Transition Plan: Illinois Department of Financial and Professional Regulation
Current Company Licensees/Registrants:
Companies holding a Residential Mortgage License in Illinois have until March 31, 2010 to complete and submit through NMLS a Form MU1 for their company and a Form MU2 for each of their control persons.
Additionally, for each branch holding an Additional Full Service Office License, a company must complete and submit through NMLS a Form MU3 by March 31, 2010.
It is important that current licensees have all of their Illinois license numbers available when completing and submitting their Form MU1 and Form MU3(s).
Any licensee that needs to amend or surrender a license, establish or terminate a sponsorship of a mortgage loan originator license, or other action previously completed in paper form, from December 31, 2009 onward must complete these actions within NMLS. In general, paper forms, other than those necessary to comply with state-specific requirements, will not be accepted after December 31, 2009. However, during the transition to NMLS, sponsorship changes MUST be submitted to the Department using paper change forms. http://www.obre.state.il.us/resfin/loanoriginators.htm. These forms and appropriate fee must be submitted to IDFPR up to November 30, 2010. Sponsorship changes after November 30, 2010 must be made via the NMLS licensing system.
We encourage you to update your information with our office by December 31, 2009, so at the time of transition there will be no pending changes to submit.
Note: If you have submitted these forms in another state, then you do not need to re-enter your company record into NMLS. You will only need to identify the appropriate license in Illinois and complete a few state specific fields.
Mortgage Loan Originators:
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.
Mortgage Loan Originators in Illinois have until August 31, 2010 to complete and submit a Form MU4 through the NMLS. Companies employing mortgage loan originators are required to sponsor their license in NMLS. Be advised that the Company MU1, the Branch Location MU3 (when the mortgage loan originator works from a branch) and the mortgage loan originator MU4 must all be submitted prior to the company sponsoring the mortgage loan originator's license.
It is important that current loan originators have their Illinois registration number available when completing and submitting their Form MU4.
Note: If you have submitted a Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to identify the appropriate license in Illinois and complete a few state specific fields.
Mortgage loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the mortgage loan originator log in to the NMLS and electronically attest to its accuracy.
Loan originators registered on or after 7/31/09 must meet the additional requirements listed below by April 30, 2010. Loan Originators registered prior to 7/31/09 must meet the additional requirements listed below by December 31, 2010.
Additional requirements will include:
•Pre-licensure certification
•A Passing Score on the National and State component of the SAFE Mortgage Test
•Satisfactory criminal background check including finger prints
•Illinois satisfactory review of a credit report
•License Sponsorship in NMLS by your company |
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madonna
365 Posts |
Posted - 10/29/2009 : 5:43:41 PM
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State of DELAWARE MORTGAGE LOAN ORIGINATOR LICENSE
New Application
Jurisdiction-Specific Requirements
Instructions
1.
Total initial license application fee: $280 including the NMLS processing fee.
2.
At time of approval you will be charged an additional $250 license approval fee which will be paid directly to the Office of the State Bank Commissioner. This fee will be required annually. All Delaware licensed mortgage loan originators will be subject to an annual $500 supervisory assessment, which will be billed by the Office of the State Bank Commissioner in July of each year.
3.
Initial fees collected through NMLS ARE NOT REFUNDABLE.
4.
Jurisdiction-specific requirements as identified on the checklist below must be received with this checklist within 5 business days of the electronic submission of your application through the NMLS at the following:
For U.S. Postal Service:
For Overnight Delivery:
State of Delaware
Office of the State Bank Commissioner
555 E. Loockerman Street
Suite 210
Dover, DE 19901
State of Delaware
Office of the State Bank Commissioner
555 E. Loockerman Street
Suite 210
Dover, DE 19901 p
Updated:te of Delaware: |
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madonna
365 Posts |
Posted - 10/29/2009 : 5:45:03 PM
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state of Iowa:
Jurisdiction-Specific Requirements
IOWA MORTGAGE LOAN ORIGINATOR LICENSE
Instructions
1. This registration costs: $120 total, including the fees associated with the background checks and NMLS processing fee.
2. All fees are collected through the NMLS and ARE NOT REFUNDABLE
3. Jurisdiction-specific requirements as identified on the checklist below must be received within 5 business days of the electronic submission of your application through the NMLS at the following:
For U.S. Postal Service and Overnight Delivery Send to:
Iowa Division of Banking
200 E. Grand Avenue, Suite 300
Des Moines, IA 50309-1827
NMLS Unique ID Number: ________________
Applicant Legal Name: ______________________________________
ATTACHED NOT APPLICABLE ITEM
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AUTHORIZATION FOR BACKGROUND CHECK AND RELEASE. For each applicant, provide an executed original copy of the release form attached.
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FINGERPRINT CARDS. Provide two fingerprint cards. Iowa will accept fingerprints only on specific cards. These fingerprint cards may be obtained by providing the name, mailing address, and number of cards requested via e-mail to fblicensing@idob.state.ia.us.
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20 HOURS OF PRELICENSING EDUCATION. Provide course completion certificates for 20 hours of pre-education from approved education providers which must include at least 3 hours of federal law and regulations, 3 hours of ethics, and 2 hours related to lending standards for the nontraditional mortgage product marketplace.
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TEST. Provide a copy of the National and Iowa Mortgage Loan Originator Examination score report issued by Pearson VUE indicating a passing score of at least 75%. To locate a testing center or to sign up for the required test visit www.pearsonvue.com.
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DISCLOSURE QUESTIONS. Provide complete details of all events or proceedings for any ¡§Yes¡¨ answer to any of the Disclosure questions |
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Rick_Santelli
264 Posts |
Posted - 10/29/2009 : 5:58:47 PM
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Cannot find Indiana's or would post it.....I emailed the INAMB and got the following repsonse:
"National Test?"
Oh yea, we are in good hands.... |
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madonna
365 Posts |
Posted - 10/29/2009 : 6:07:13 PM
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For State of Indiana
Description
INDIANA-SOS LOAN ORIGINATOR REGISTRATION
Who is required to register?
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Any individual involved in origination activities with a licensed loan broker other than a registered principal manager
Who does not need this registration?
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Any individual involved in processing activities and not origination activities with a licensed loan broker
Pre-requisites for registration applications?
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Successfully pass the required loan originator registration examination
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Complete 24-hours live of approved academic instruction or 6hrs of continuing education
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Obtain an FBI fingerprint card (FD258)
WHO TO CONTACT – Contact Indiana Secretary of State, Securities Division licensing staff by phone at 317-232-6681 or send your questions via e-mail to ejwise@sos.in.gov for additional assistance.
THE APPLICANT/LICENSEE IS FULLY RESPONSIBLE FOR ALL OF THE REQUIREMENTS OF THE LICENSE FOR WHICH THEY ARE APPLYING. THE JURISDICTION SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR GUIDANCE ONLY TO FACILITATE APPLICATION THROUGH THE NMLS. SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL.
Updated:
New Application Checklist
Jurisdiction-Specific Requirements
Instructions
1. Each individual originating mortgages needs to be separately registered and will require a filing of Form MU4 through NMLS. After the MU4 is submitted, the company must submit a sponsorship request to the regulator before the individual MU4 license will be approved. A quick guide entitled “Create a Company Sponsorship” at the following link will help walk you through this process: NMLS Quick Guides..
2. Total License costs: $80.00 which includes the NMLS set-up fee. Additional charges for the FBI background check and the Loan Originator assessment are payable outside the NMLS and are noted in the checklist below.
3. All fees are collected through the NMLS except the FBI background check and assessment fees and ARE NOT REFUNDABLE.
4. Complete 24 hours of live education; provide certificate(s) as noted in checklist below.
5. Complete the Loan Originator Assessment and provide the passing certificate verifying the assessment was passed in the last 12 months. Candidate Guide for Loan Originator Assessment.
6. The regulator will review the filing and all required documents and communicate with you through the NMLS. To review your status in the NMLS, click the Composite View Tab and View Individual.
7. Jurisdiction-specific requirements as identified on the checklist below must be received with this checklist within 5 business days of the electronic submission of your application through the NMLS at the following:
For U.S. Postal Service or Overnight Delivery:
Indiana Secretary of State
Securities Division
302 W. Washington St.
Room E-111
Indianapolis, IN 46204
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ahetrick@deltale
115 Posts |
Posted - 10/29/2009 : 7:59:03 PM
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| Where can I find out how and where to take the test in California? |
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SSINGH88
673 Posts |
Posted - 10/29/2009 : 9:20:23 PM
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I honestly can say that I didnt even know of such a thing. Is this going to be required for anyone with a salesperson license or brokers license in the state of CA?
Or is this more for getting nationally approved? |
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AndrewSoss
905 Posts |
Posted - 10/30/2009 : 09:32:40 AM
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quote:
Originally posted by SSINGH88
I honestly can say that I didnt even know of such a thing. Is this going to be required for anyone with a salesperson license or brokers license in the state of CA?
Or is this more for getting nationally approved?
It's going to be required for compliance with the Safe Act. SB36 is the CA state law that will be implementing the federal requirements. We have until 12/31/10 to pass the test, but I've been told that the cut-off might be September to give time for processing. It's also not determined yet if there will be an additional state portion for DRE licensees since they have already taken and passed a test and background check, etc... |
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madonna
365 Posts |
Posted - 10/31/2009 : 10:31:55 AM
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STATE OF CA IS NOT ON THE LIST YET OF PARTICIPATING STATES.
IT IS A VERY GOOD ADVANTAGE TO LOAN OFFICERS, IF YOUR STATES HAD STATE BROAD EXAM FOR LOAN OFICERS, IF IT IS NOT LIKE CA, UNDER NEW NMLS, YOU WILL TAKE 2 EXAM ONE IS FEDERAL AND THE OTHE ONE IS STATE TEST. |
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madonna
365 Posts |
Posted - 10/31/2009 : 10:34:21 AM
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STATE New Application Checklist
Jurisdiction-Specific Requirements
Instructions
1. The fee for this license is: $299.25, which includes the fingerprint and NMLS processing fees.
2. All fees are collected through the NMLS and are NONREFUNDABLE.
3. Your NMLS Unique Identifier must be written on the upper right-hand corner of every hard-copy
document submitted to the Banking Department.
4. Applicants will be notified through the NMLS if their application is incomplete. Applicants will have
a 30-day window to submit missing documents before the application is considered withdrawn.
Applicants who have applications withdrawn must reinitiate the process, repay applicable fees,
and resubmit all documentation to the Banking Department to restart the process.
5. Jurisdiction-specific requirements as identified on the checklist below must be received with this
checklist within 5 business days of the electronic submission of your application through the NMLS
at the following:
State of New York Banking Department
Bowling Green Station
P.O. Box 1018
New York, New York 10274-1018
NMLS Unique Number : ________________
Applicant Legal Name: ______________________________________
ATTACHED NOT
APPLICABLE ITEM
O O FINGERPRINT CARDS. Two fingerprint cards must be submitted with
every application, as well as the fingerprint certification attached to this
checklist. Please have fingerprint taken at the local police department
using the cards provided. (If the local police department does not
provide this service, fingerprints may be taken by an authorized
technician at another state or local agency or a licensed private
investigator.) Fingerprint cards can be obtained from originating
entities. Originating entities are encouraged to submit requests for
fingerprint cards via e-mail to fingerprintrequest@banking.state.ny.us.
The fingerprint certification form can be downloaded at
www.banking.state.ny.us/mbmlofpt.pdf.O FNEW YORK: |
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madonna
365 Posts |
Posted - 10/31/2009 : 10:46:45 AM
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Licensees
State Licensing
Professional Requirements
Federal Registration
Course Providers
NMLS News
Workshops & Events
Release Notes
Proposals for Comment
Companies
Mortgage Loan Originators
Resources for Licensees
State Licensing Requirements
Common Requirements
Transition Chart
Background Checks
Education
Testing
Course Provider Resources
Contact Info
State Licensing Requirements
Common Requirements
Renewals
Financial Statements
Professional Requirements
Transition Chart
NMLS Resource Center > State Licensing > Common Requirements > Renewals > Renewal States
Renewal States
The following states will participate in the NMLS 2010 Streamlined Renewal Process:
State Renewal Submission
Deadline
Arkansas 12/31/2009
Arizona 12/31/2009
Connecticut 12/31/2009
Delaware 12/1/2009
Georgia 12/1/2009
Iowa 12/1/2009
Idaho 12/31/2009
Indiana - DFI 12/31/2009
Indiana - SOS 12/31/2009
Kentucky 11/30/2009
Louisiana 12/31/2009
Massachusetts 12/31/2009
Michigan 12/31/2009
Mississippi 12/31/2009
North Carolina 12/31/2009
North Dakota 12/31/2009
Nebraska 12/31/2009
New Hampshire 12/31/2009
New York 12/31/2009
Pennsylvania 12/31/2009
Peurto Rico 12/1/2009
Rhode Island 12/31/2009
South Dakota 12/1/2009
Tennessee 12/31/2009
Vermont 12/1/2009
Washington 12/31/2009
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madonna
365 Posts |
Posted - 11/04/2009 : 12:09:22 PM
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For
Provider # 1400102
Important Information For Loan Originators
In 2008, new federal legislation known as the “SAFE Act” was signed into law that impacts all mortgage loan originators. This new law standardizes the process of registration and licensure throughout the country. The changed requirements impact new and existing Loan Originators.
Many of our students’ frequently asked questions are answered below:
Show All Answers Hide All Answers
Overview (click an item to see more info)
What is the SAFE Act?
The Secure and Fair Enforcement Mortgage Licensing Act was signed into law on June 30, 2008. This law, more commonly referred to as the “SAFE Act”, was enacted in order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud in the mortgage industry.
Last Updated: 10/9/2009
What is the NMLS?
The SAFE Act requires that all Loan Originators register with the Nationwide Mortgage Licensing System & Registry (NMLS). The NMLS is responsible for maintaining information about Loan Originators (individuals) and Mortgage Brokers (companies) throughout the country.
Last Updated: 8/28/2009
To Whome does the SAFE Act apply?
The SAFE Act applies to all new and existing Loan Originators.
Last Updated: 8/28/2009
Under the SAFE Act, exactly who is considered to be a “Loan Originator”?
The SAFE Act defines a "loan originator" as an individual who takes a residential mortgage loan application and offers or negotiates terms of a residential mortgage loan for compensation or gain.
Under the SAFE Act, an individual assists a consumer in obtaining or applying to obtain a residential mortgage loan by, among other things, advising on loan terms (including rates, fees, other costs), preparing loan packages, or collecting information on behalf of the consumer with regard to a residential mortgage loan.
The Department of Housing and Urban Development (HUD) has further clarified that an individual cannot avoid licensure requirements by having someone else "take" the application.
HUD also clarified the limited contexts where offering or negotiating residential mortgage loan terms would not make an individual a loan originator:
Offering or negotiating terms of a residential mortgage loan only with or on behalf of an immediate family member.
Providing financing to a buyer pursuant to the sale of the seller's own residence.
A licensed attorney negotiating terms of a residential mortgage loan with a prospective lender on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, mortgage broker, or other mortgage loan originator or by an agent of such lender, mortgage broker, or other loan originator.
In addition, loan processors that are purely involved in clerical functions are not required to be licensed as long as they are not independent contractors.
Last Updated: 8/28/2009
Does this law affect Loan Originators in all states?
To date, all but one state has passed laws complying with the SAFE Act. States are in the process of transitioning to the new system.
Last Updated: 8/28/2009
Are there any Loan Originators who are NOT required to become licensed?
Loan Originators who are employees of a FDIC insured bank or savings and loan, its subsidiary, or an institution regulated by the Farm Credit Administration are exempt from the state licensure, testing and education requirements of the Act.
However, these individuals are still required to register with the NMLS.
Last Updated: 8/28/2009
NMLS Registration (click an item to see more info)
What is the difference between NMLS registration and licensing?
NMLS registration is required for all Loan Originators. This is intended to create a centralized national database of disciplinary information for individuals originating residential loans.
Registration is the only SAFE Act requirement for Loan Originators who are employees of a FDIC insured bank or savings and loan, its subsidiary, or an institution regulated by the Farm Credit Administration.
For all other Loan Originators, including those working for Mortgage Brokers and Mortgage Lenders, the SAFE Act also requires state licensure for each state where the individual originates loans. The licensure process will be facilitated through the NMLS and its systems. State-licensed loan originators are subject to the education and testing requirements of the SAFE Act.
Last Updated: 8/28/2009
How do I become registered with the NMLS?
The NMLS is an official system used to record information for state regulators. It is important that you coordinate your use of this system with your employer.
Detailed instructions are provided at the NMLS Website.
Last Updated: 8/28/2009
Is NMLS registration also required for Mortgage Brokers and Lenders (companies)?
Yes, in addition to individual loan originators, a mortgage brokerage or mortgage lending company will create a record in the NMLS system. Using this "One Record Concept", NMLS allows for the creation and maintenance of a single record (Form MU1) for each company, regardless of the number of jurisdictions in which it is licensed.
This single record may be used to apply for, maintain, renew, or surrender licenses in all jurisdictions participating in NMLS. Companies will also be able to create and maintain a single record for each branch (Form MU3), control person (Form MU2) or mortgage loan originator (Form MU4).
The use of any of these forms is governed by the regulations of the state in which you are seeking licensure, not by NMLS.
Additional information is available at the NMLS Website.
Last Updated: 8/28/2009
Will states issue a Loan Originator license once I’m registered with the NMLS?
Yes, however individuals are required to satisfy education, testing, and background check requirements before applying for a state license.
Last Updated: 8/28/2009
State Licensure (click an item to see more info)
After becoming registered with the NMLS, what steps are required to become licensed in an individual state?
Requirements for individual state licensure are dictated by each state’s mortgage licensing law. However, certain requirements exist for all states, and the licensing process will be standardized and facilitated through the NMLS.
Requirements include:
Background checks
Testing
Pre-license education
Continuing education
Please continue to check our website for updated information about individual state requirements.
Last Updated: 8/28/2009
Is there a deadline for me to obtain a state license that complies with the NMLS rules?
Yes. The deadline varies, depending on your current status:
PRE-NMLS
STATE LICENSURE DATE DEADLINE TO RECEIVE
NMLS COMPLIANT STATE LICENSE
Not Currently Licensed Ongoing**
Licensed 7/31/2009 or Earlier 7/31/2010
Licensed 8/1/2009 or Later 12/31/2010
** NMLS-compliant licensing is not yet available in all states. It may still be necessary for new applicants to become licensed under the old state rules, and then later apply for an NMLS-compliant state-license when it becomes available in that state.
Some states have established timelines requiring earlier licensure. For example, Pennsylvania requires all individuals to become licensed by 12/31/2009.
If you are not sure how to proceed, you should contact the state regulatory agency for more information.
Last Updated: 10/9/2009
NMLS licensure is not yet available in my state. Can I still obtain a license under the old state rules?
Yes, you should be able to obtain a Loan Originator license under the current state law. To learn more about specific requirements and actions you must take to become licensed, you should contact the state regulatory agency.
Last Updated: 8/30/2009
Where can I find additional information about NMLS licensing procedures for a specific state?
Click here to view detailed information can be found at the NMLS website.
Last Updated: 10/9/2009
Background Checks (click an item to see more info)
What types of background checks are required?
Individuals must submit to criminal history and credit report checks.
Last Updated: 8/28/2009
Are the background checks required if similar checks were already required for me to earn my existing state license?
Yes. Loan Originators will have to resubmit to this process even if they completed a similar process to earn an existing state license.
Last Updated: 8/28/2009
When must I submit to the required background checks?
Before applying for state licensure.
Last Updated: 10/9/2009
How do I submit to the background checks? Who do I contact?
This information is not yet available from the NMLS. We will provide more information as it becomes available. You can also find information at the NMLS Website.
Last Updated: 8/28/2009Testing and Education (click an item to see more info) General (click an item to see more info)
In brief, what are the NMLS education and testing requirements?
Applicants are required to:
Pass a standardized national examination.
Pass a standardized state examination.
Complete 20 hours of pre-license course curriculum.
Complete 8 hours of continuing education course curriculum each calendar year.
NOTE: NMLS continuing education won't be required until at least 2010 for Loan Originators licensed under the NMLS. See below for additional information.
See below for more detailed information about the above requirements. Some exceptions apply.
Last Updated: 8/28/2009
Do I need to complete the pre-license course requirement before taking the examination(s)?
No. You must complete the pre-license course requirement and pass the exam(s), but you may do so in either order.
Last Updated: 8/28/2009
If I work for a commercial bank do I need to take the education courses or examinations required by the SAFE Act?
If you work for an insured depository regulated by OCC, OTS, FDIC, FED and NCUA or the Farm Credit Administration you are not required to take the SAFE-required pre-license or continuing education courses or examinations.
You still can and may want to take the relevant pre-license and continuing education courses. This would be a good idea if you have considered changing employment and going to work for a state-licensed lender or broker.
Last Updated: 8/28/2009
How can Real Estate Institute help me to fulfill my education requirements?
Real Estate Institute is an NMLS-Approved Course Provider (#1400102).
We currently offer programs that will help prepare you for the required national exam component. Click here for more information.
The NMLS is just beginning to approve pre-license and continuing education programs. We plan to offer approved courses soon.
NOTE: Exam preparation programs are not required to be approved by the NMLS. As such, our exam preparation programs are not NMLS Approved courses.
Last Updated: 10/9/2009Pre-License Course Information (click an item to see more info)
I have already completed pre-license and/or continuing education to satisfy requirements for my existing state license. Will I still have to take the 20 hours of pre-license education?
Not necessarily. This requirement can be met if:
the Loan Originator completes or has completed pre-license or continuing education as part of his or her existing state licensure requirement and
the state regulatory agency can certify that the 20 hours of state-required education has been completed. States are still determining the process for certifying such completed hours, and some states may not elect to certify hours.
We will post more information about this topic as it becomes available from the NMLS and individual states.
Last Updated: 10/9/2009
Exactly what pre-license education is required by the SAFE Act?
The SAFE Act requires that the 20 hours of pre-license education shall include:
3 hours of Federal law and regulations
3 hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues
2 hours of training related to lending standards for the nontraditional mortgage product marketplace. HUD has acknowledged that “nontraditional mortgage product” means any mortgage product other than a 30 year fixed rate mortgage
12 hours of other instruction on mortgage origination
Last Updated: 8/28/2009
Is self-study permitted for pre-license courses?
No. These courses must be offered as classroom courses, Classroom Equivalent Courses (such as video-conferencing), or Online Instructor Led Courses (a comprehensive, interactive online course similar to those offered at online universities).
Last Updated: 8/28/2009
What should I do today to prepare for and satisfy the pre-license education requirement?
This depends on whether you have an existing state-issued Loan Originator license.
Individuals with an existing state-issued license:
You should first determine if pre-license or continuing education you have already completed can be certified by your state regulatory agency. If so, this may mean that you won’t have to complete pre-license education before applying for state-licensure.
States are still developing standards and procedures for course certification. We will post more information about this topic as it becomes available from the NMLS and states.
Individuals without an existing state-issued license:
(This includes individuals who currently originate loans for a state that did not require individual licensing prior to conformance with the SAFE Act)
You are required to complete pre-license education before applying for state-licensure.
We will post more information as we begin to offer approved courses.
Last Updated: 8/28/2009
By what deadline must I satisfy the pre-license course requirement?
Loan originators who were previously licensed by July 31, 2009 must satisfy the requirement by December 31, 2010, or by an earlier deadline determined by a state.
Loan originators who have not been previously licensed must complete 20 hours of NMLS approved pre-license education by July 31, 2010, or by an earlier deadline determined by a state.
Last Updated: 10/9/2009Examination Information (click an item to see more info)
I was required to pass an examination to earn my existing state license. Will I still have to take the exam(s)?
All new and existing Loan Originators will be required to pass the national examination component.
Individual state laws will determine if existing Loan Originators are exempt from the state component. States are still developing standards, requirements, and processes related to these exemptions.
Click here to view additional information at the NMLS website.
Last Updated: 10/9/2009
What types of questions are on the exams?
All questions are multiple-choice.
Last Updated: 8/28/2009
How many questions are on the exams?
The national component contains 100 questions. Of those, 90 are scored and 10 are excluded from your score because they are being evaluated for use in future exams.
The number of questions varies for state components, but you should expect between 45 and 55 scored questions.
Last Updated: 8/28/2009
What score is required to pass the exams?
Each SAFE test requires a passing score of at least 75%.
Last Updated: 8/28/2009
What happens if I fail an exam?
You are permitted to retake the exam, but there are mandatory waiting periods between each attempt.
The following rules apply to both the national and state examinations:
An individual may retake a test 3 consecutive times with each consecutive taking occurring at least 30 days after the preceding test.
After failing 4 consecutive tests, an individual shall wait at least 6 months before taking the test again.
Last Updated: 8/28/2009
What should I do today to prepare for and satisfy the new testing and education requirements?
You should begin studying to pass the national examination, since all Loan Originators will be required to do so. We have created a Prep-to-Pass program that includes our comprehensive study guide and online assessment exams.
Click here for more information about our program.
Last Updated: 8/28/2009
Why study for the national examination now if I’m not required to pass it for at least several months?
It’s important that you begin to prepare now, as there are waiting periods between each attempt at passing the exam.
The following rules apply to both the national and state examinations:
An individual may retake a test 3 consecutive times with each consecutive taking occurring at least 30 days after the preceding test.
After failing 4 consecutive tests, an individual shall wait at least 6 months before taking the test again.
Last Updated: 8/28/2009
Where are exams offered and how do I schedule the examination(s)?
Exams locations are hosted by PearsonVUE and Prometric. Locations are available throughout the country. Click here to view a list of test center locations for your state.
Last Updated: 8/28/2009
I plan to take the national and state test components. Can I take both tests on the same day?
Yes, you can schedule both tests for the same day. However, you must register and pay for the exams separately. If scheduling for the same day, be sure to allow enough time between scheduled tests so that you won't be rushed to complete the first test.
Last Updated: 9/9/2009
Am I permitted or required to use a calculator on the test?
You are permitted to use a basic calculator, but not a financial calculator or any other device with memory features. Although the test may include math questions, you will be provided enough information to solve the problem without the use of a financial calculator.
Last Updated: 9/9/2009
Where can I find more information about the examinations?
The NMLS provides detailed information at their website.
Last Updated: 8/28/2009
How can Real Estate Institute help me to prepare for the examinations?
Real Estate Institute offers a test preparation program specifically designed to help loan originators prepare for the National Component of the SAFE Test.
Click here for more information about our program.
Last Updated: 8/28/2009Continuing Education Course Information (click an item to see more info)
Is continuing education required to maintain my state license(s) (under the NMLS)?
Yes. The SAFE Act requires Loan Originators to complete eight hours of NMLS approved continuing education annually. However, Loan Originators do not need to take continuing education in the calendar year in which their first NMLS state license was granted.
As a result, no NMLS approved continuing education is required in any state for 2009. Continuing education will first be required in 2010, and then only for individuals who first obtained their NMLS state license in 2009. Most individuals will first require NMLS approved continuing education in 2011.
Last Updated: 8/28/2009
Does Real Estate Institute offer any NMLS approved continuing education courses?
Not yet. No NMLS approved continuing education is required for Loan Originators in any state for 2009.
We plan to offer NMLS Approved continuing education courses in the future.
NOTE: Loan Originators who are not yet licensed under the NMLS must remain compliant with individual state requirements for 2009.
Last Updated: 8/28/2009
I am currently working as a Loan Originator, but not yet licensed under the NMLS. Should I still comply with the old continuing education requirement for my state
State of illinois: |
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