ProSchools just received approval for the 20-Hour CA SAFE Comprehensive Course. The California SAFE course includes California laws and national laws, so exam prep is not needed in order to prepare for the SAFE Test. We also got a smaller course approved, 4 Hour CA SAFE: Review of California Mortgage Laws. California does not require state-specific hours for education, but we got it approved in case loan originators wanted to get credit for studying for the state component of the test and needed additional hours.
As I’ve mentioned before, the SAFE Act requires all MLO license applicants to complete 20 hours of prelicense education. In California, those who are currently licensed by DRE are able to get previous education certified, meaning the hours have been met based on the education completed when obtaining the DRE license.
To be certified, licensees must file Form MU 4 by August 31, 2010. You need to hold a valid California real estate license and file your MU4 license endorsement application with the NMLS before August 31, 2010. DRE will submit a list of the real estate licensees to the NMLS. Remember, if you want to get your education certified, you must notify the state!
Although DRE licensees can potentially get their education waived, they must still pass the state and national components of the SAFE Test. Existing licensees must pass the SAFE Test by September 15, 2010. September seems like a long ways off, but don’t wait. If you fail the test, you have to wait 30 days to retake. Read the requirements for re-taking the test.
The Department of Corporations (DOC) also sponsors licensees under the California Residential Mortgage Lending Act or the California Finance Lenders Law. These licensees must complete 20 hours of education and pass the SAFE Test by May 28, 2010, in order to receive a mortgage loan originator license by July 31, 2010. Again, if you haven’t started, this is the time to give us a call!
Last of all, one point of confusion I’ve overheard from a few California LOs is which deadline they should meet, like they get to “choose” which deadline to follow. Remember, only real estate professionals can get their previous real estate education certified. So if you aren’t a real estate licensee, you are likely licensed under DOC, not DRE. Your DOC deadline is May 28, 2010. ProSchools is answering lots of phone calls on California, so we know people have lots of questions.