I keep getting asked my mortgage loan originators (MLO) who recently took a state exam (or will shortly) if they are going to have to take another exam when the SAFE Act and the NMLS kick in. As I read it, the answer is clearly “YES”. Sorry. What I’ve read is real clear. Essentially, if you have taken a state exam that meets certain psychometric standards, you will be given the longest period of time to satisfy the NMLS exam requirement which is until January 1, 2011.
No getting around this — you’ll have to take the national standardized exam (and the state portion for every state you are licensed in) by Jan 1, 2011. Email me if you want the exact citation @ jeffw@proschools.com. The testing company Pearson VUE is putting together now the exam.