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
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