The NMLS is anticipating 24 states will be able to take the state and national components of the NMLS exam by the end of the year. So far almost every state (47 states), plus the District of Columbia, have passed legislation that requires
prelicense education, passing the
NMLS exam, submitting fingerprints for a
criminal background check, and demonstrating financial responsibility.
It looks like the majority of states are requiring that the license requirements be met by July 31, 2010, but some have a December 31, 2009 deadline. Even states that have the later deadline are encouraging loan originators to meet the license requirements by the end of 2009 to prevent a bottleneck. The only hitch is the background and credit check. The NMLS is working hard to add that feature to their system but it probably won’t be until 2010 before those requirements are done through the NMLS.
ProSchools encourages mortgage loan originators to check the NMLS website for frequent updates.