Don’t Wait for the Last Minute to Take Your Pre-Licensing Education

Each state is passing legislation to implement the federal SAFE Act. The legislation requires 20 hours of pre-licensing education and then passing two tests, one is a national component and the second test is a state component. Each state is setting its own deadline for when you need to complete the 20 hours and pass the exams. Don’t wait until the last minute to take the education and sit for the exams.

I have been in the business of helping mortgage lenders and brokers obtain and renew licenses for more than 10 years. Some of my clients are more on top of their licensing needs and I get the signed paper applications or information that I need to renew through the NMLS a few days after I request the information or send the applications for signature. Since I submit paperwork that I get back from clients within 48 hours of my receiving it, for some clients, this can mean that they get their renewals processed by the state banking department before the reviewers get hit by a deluge of renewals. I also have clients who do not respond as promptly and I cannot submit the renewals until maybe a day or two before the deadline. For these clients, the renewal process is very slow and may create a problem with closing loans because their license has expired. Some states are kind enough to send me a letter that states that the licensee can still close loans while the renewal is in processing. But other states are too busy to send me such a letter and my mortgage broker clients are sitting tight with their borrowers because their lenders will not let them close without a renewal license.

Don’t wait until the last minute. The NMLS system is new and you don’t want to learn what you need to know just before your license expires. Take a few minutes to find out what your deadlines are and get the pre-licensing education and exams done weeks ahead of schedule. You’ll be the one closing loans while the procrastinators are still waiting for their license approval.

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