As ProSchools tries to understand the national landscape for implementation of Title V of the Secure and Fair Enforcement for Mortgage Licensing Act, known as the SAFE Act, we finally got word on the transition plan for Oregon, our home state! Currently, Oregon loan originators are required to complete 20 hours of entry-level education, plus pass a state exam administered by Applied Management Professionals (AMP).
Beginning August 2009, Oregon will no longer offer the Oregon-specific examination, but will begin using the national exam developed by NMLSR and their contractor Pearson Vue. New people entering the business will take the NMLSR exam as of August this year. All current Oregon loan originators will have until April 2010 to take the NMLSR national test.
Regarding education, since Oregon already requires 20 hours of education to get into the business, current registered Oregon loan originators will not need to take the NMLSR entry-level education.
Another change I see is that instead of requiring 20 hours of continuing education for a two-year renewal, Oregon will require 10 hours of CE annually. SAFE has set a minimum standard of 8 hours of CE per year. The extra 2 hours of education required by Oregon will likely be on topics related to Oregon-specific laws.
Another interesting note: According to the Oregon Division of Finance & Corporate Securities, in 2005, there were more than 14,000 registered loan originators in Oregon, including out-of-state originators. As of January 2009, that number has dropped to 4800, likely due to the economic recession. Interesting changes!