Requirements for New Jersey loan originators look familiar. To be licenced, they need to complete 20 hours of NMLS-approved prelicense education, pass a national background and credit check, pass the SAFE Mortgage Loan Originator Test, and register with the Nationwide Mortgage Licensing Registry (NMLS). I read recently there are up to 22,000 loan originators in New Jersey needing to be licensed.
To make it an orderly transition, the transition and deadlines to complete the education and pass the SAFE test is being rolled out in three phases:
- New applicants on or after January 4, 2010 must complete the education and pass the SAFE Mortgage Loan Originator Test prior to applying.
- Existing individual licensees and sole proprietors must complete the education and pass the SAFE Mortgage Loan Originator Test by April 30, 2010.
- Existing mortgage solicitor registrants must complete the education and pass both the SAFE Mortgage Loan Originator Test by May 15, 2010.
Our course has an exam prep build in that should help people prepare for the SAFE Test. The 4 hours of required New Jersey law is included in the 20 hour course. We also have the 4 hour NJ Laws approved as a separate course for anyone just needing the NJ Laws.
So far ProSchools has courses approved by the NMLS for Arizona, Idaho, Iowa, Kentucky, Louisiana, Massachusetts, Michigan, New Hampshire, New Jersey, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington.
We also have a National SAFE course that is approved by the NMLS and is good in any state, however, it does not contain state laws. All courses with state information will help prepare people for both the national and state component of the SAFE Test. The National course will only prepare someone for the national component.