Updated Loan Originator Licensing Requirements On One Chart

The Nationwide Mortgage License System (NMLS) has just posted a new chart of each state’s deadline for certain requirements that mortgage loan originators must meet in order to be SAFE compliant. Title V of the Housing and Economic Recovery Act of 2008 (H.E.R.A.), “the SAFE Act”, became effective July 30, 2009 and mandates that state-licensed mortgage loan originators meet certain minimum requirements for licensure. The NMLS does issue a disclaimer that not all requirements are on the chart (for example some states require surety bonds for loan originators). Always check with your state’s regulatory agency in charge of licensing loan originators to find out all of your licensing requirements. Or you can retain an attorney or company that helps loan originators get their licenses.

The NMLS chart does present an updated list of deadlines for the main requirements – pre-licensing education, continuing education, testing for loan originators, credit reports and criminal background checks. It’s very helpful for loan originators who are or want to be licensed in more than one state. Check it out at this URL:

http://mortgage.nationwidelicensingsystem.org/profreq/Documents/SAFE%20Compliant%20Requirements.pdf

Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!

Changed Pennsylvania Deadlines

Pennsylvania has extended the deadline by which loan originators need to pass the national and state components of the pre-licensing mortgage examination through April 30, 2010. The deadline had previously been December 31, 2009.

Loan originators have 4 opportunities to pass each part of the test components (national and state). If you fail either of the tests , you must wait 30 days to re-take the exam. If you fail 4 times at both tests, you must wait 6 months to take the tests again. And Pennsylvania will suspend your license until you do pass both of the tests.

The deadline for taking the 20 hours of pre-licensing education has not changed and is still December 31, 2009.

Please feel free to forward this blog post to your colleagues, listserv members or favorite bloggers. Or if you would like to run it (in whole or in part) in any publication or quote from it, simply include my name and URL: http://www.mortgagelicensesolutions.com. No prior permission needed. To inquire about joining my list to receive my blog posts or my availability to speak to your group or write an article for your publication, please email me at Robin@Mortgagelicensesolutions.com. Thank you!

NMLS Plusses and Minuses

I've written an article for the November 2009 Residential Edition of Scotsman Guide on "NMLS Plusses and Minuses which can be found at http://www.sg-resdigital.com/resdigital/200911re#pg28

Check it out and let me know what plusses and minuses you have found with the NMLS.