19 states will be in the first batch of states who are adopting the SAFE Act requirements which mandate a license exam and 20 hours of prelicense education for all mortgage loan originators nationwide.
The big question for you is probably, how does this effect me? What’s going on in my state now? To answer these questions, I suggest you follow two links.
Link 1: Go to http://www.stateregulatoryregistry.org/NMLS/AM/Template.cfm?Section=Participating_States1 Here you can look up your state and see what is the status of NMLS mortgage loan originator licensing for your state. This will give you some ideas of your state’s timeline. If your state is not on this list, you are likely going to get a bit longer to comply unless your state voluntarily complies sooner.
Link 2: Next, go to: http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Contact_Us1&Template=/CM/ContentDisplay.cfm&ContentID=17604 Here you can find the web site link for your state to the agency that is responsible for NMLS compliance in your state. Look for “new information” or updates at this site. I’ve noticed that new rules are being created quickly and seemingly on the fly by states.
Hopefully, if you put these two pieces of information together (national and state) — you can get a pretty good idea of how the new laws will effect you as a loan originator. If you are still stuck, shoot me an email at jeffw@proschools.com and I’ll see if I can’t help.