Imagine trying to keep it all straight –50 different deadlines with state-specific variations…and then you find a website that does it for you!! The NMLS has a great resource –the MLO SAFE Compliant Requirements Chart. It’s been around for a few months, but it really helps us monitor all the SAFE Act requirements and state-specific deadlines for loan originator across the country.
The best part is the NMLS updates the chart often, sometimes daily, so it’s very current. I try to keep track of what I see as major changes and updates, and then go to the state’s website to get all the details of the implementation plan. Often the state website posts a letter to licensees or a summary of their newly passed legislation.
One of my observations over the past month is that a lot of states have added language about certifying education hours or certifying the State Component of the test. What this means is loan originators that took 20 approved education hours in the past might get the 20 NMLS hours waived. If a loan originator passed a state test in the past, and that test meets certain testing standards, the LO might not have to take the State Component of the SAFE Test. No one gets out of taking the National component, however.
Here is a list of states that have updated certification information on the NMLS Chart: Arizona, Alaska, California DRE, Colorado, Indiana SOS, Iowa, Florida, Idaho, Kentucky, Kansas, Massachusetts, Maryland, Michigan, Mississippi, Montana, North Carolina, New Jersey, New York, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina DCA, South Dakota, Texas, Utah, Washington, Wisconsin, and West Virginia. ProSchools’ understanding is that there will be a total of 35 states certifying education and/or the SAFE Test, so that leaves 6 more to follow. Will keep you posted.