ProSchools is watching closely how the Nationwide Mortgage Licensing System (NMLS) will implement the education and testing requirements set forth in the Housing and Economic Recovery Act of 2008, referred to as “SAFE Act.” We get calls daily from mortgage originators, wanting to know what is happening in their state and how the SAFE Act will impact their business.
What We Know: Meeting Exam Standards
The national exam is supposed to be available by July 30, 2009, as required by the SAFE Act. To get this roll-out plan in motion, there are twelve states developing state-specific exam components to be ready for the July 30 date. Those twelve states are:
- Arizona
- Idaho
- Iowa
- Louisiana
- Massachusetts
- Michigan
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- New Hampshire
- North Carolina
- Pennsylvania
- Rhode Island
- Vermont
- Washington
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There are other states developing the state exam component based on their legislation being passed and the implementation plan their state has adapted. Once the twelve states are up and running, we expect 2010 to be a busy year!
Next, here’s what we know about the 20-hour education requirement: The NMLS is putting the standards in place right now so that course providers can be approved. We have courses written and ready for approval so we hope to be one of the early providers offering NMLS courses. However, all courses must first be approved by NMLS.
We’ll keep posting the latest NMLS exam requirements as we learn about it, so subscribe to the ProSchools Mortgage Licensing blog via email or in a feed reader to be notified instantly when we do.