I am starting to get calls from nervous loan originators in Iowa, asking how to meet the new SAFE Act requirements for many in the mortgage lending industry.
According to a representative of the Iowa Division of Banking Finance, one of the first states to have set some specific deadlines to assure meeting the SAFE Act’s licensing requirements is Iowa:
Loan originators in Iowa need to complete 20 hours of education and pass the state exam.
ProSchools has plans in the works to help loan originators in Iowa meet their licensing requirements. Based on information released by the Iowa Division of Banking Finance, we don’t believe there will be anything state-specific in the 20-hour course. Our 20-hour course will include eight required hours (topics), plus contain information to prepare loan originators to pass the national portion of the exam. We hope we can submit the course for approval within a couple of weeks.
Next, we will develop state-specific questions to help loan originators in Iowa prepare for the state portion of the exam. It looks like there are only five questions on the state portion of the test. It will be kind of a “mini exam prep” with questions coming from a wide range of subjects!
That’s the plan for now, unless we learn something different. We’ll be sure to keep you up to date on the latest information as we discover it.