Things are about to change for the mortgage industry in a very big way. The National Mortgage Licensing System and Registry (often called the NMLS) is now a reality. 23 states are already in the process of complying with the new mortgagee laws which are mandated by the SAFE Act. A first wave of 19 states will meet new more stringent mortgage licensing requirements this year. Your state will likely be next. Subscribe to the ProSchools Mortgage Blog for all the latest news on these major changes in national mortgage license laws.
What should you expect? One thing is all loan originators can expect these new mortgage licensing rules: pass an exam (Pearson Vue will be the test provider); complete 20 hours of prelicense education, and complete 8 hours of CE annually. These are state mortgage licensing minimums – individual states may require more hours. For example, Colorado now requires 40 hours of mortgage broker licensing education.
To see where your state is in the process visit: http://www.stateregulatoryregistry.org/
More details to follow…..