ProSchools is starting to sense some end-of-year alarm from loan originators, with Pennsylvania and New Hampshire’s deadline fast approaching, December 31. At the same time, we are preparing for the next big wave to hit the NMLS front –Georgia, by end of March, and then New Jersey by April 30, 2009.
According to a table on the Conference of State Bank Supervisor’s website, the number of Mortgage Loan Originators (MLOs) in New Jersey likely needing the NMLS education and SAFE test is estimated at over 22,000. Quite a large group! Of course not everyone will maintain their license.
Here’s a summary of the New Jersey NMLS education and testing requirements, plus deadlines. They fall into three categories:
- New loan originator applicants on or after January 4, 2010 will need to complete the education and pass both the National and New Jersey components of the SAFE Mortgage Loan Originator test prior to applying.
- Existing individual licensees and sole proprietors must complete the education and pass both the National and New Jersey components of the SAFE Mortgage Loan Originator Test by April 30, 2010.
- Existing mortgage solicitor registrants must complete the education and pass both the National and New Jersey components of the SAFE Mortgage Loan Originator Test by May 15, 2010.
New Jersey requires a minimum of 4 hours of New Jersey law in the 20 hour course. ProSchools has submitted the course and expects course approval soon. Loan originators are encouraged to begin the prelicense and testing early.
There are 100 questions on the National component (90 scored) and there are 60 questions on the New Jersey component (50 scored). The New Jersey exam will cover 1) New Jersey Department of Banking and Insurance (5%); 2) State law and Regulation Definitions (10%); 3) New Jersey Residential Mortgage Lending Act and Regulations (20%); 4) Compliance (45%); 5) Disciplinary action (10%); 6) Unique State Test Areas (5%). Looks like “compliance” is weighed pretty heavy.
ProSchools will let you know as soon as we get NMLS approval for our 20 hour New Jersey course! ProSchools also submitted the New Jersey Laws as a separate 4 hour course. The required 4 hours of New Jersey law is contained within the 20 hour course.