In answer to the question, are we there yet? Almost! Last week we received official word that ProSchools is approved as an NMLS provider!
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires anyone wanting to offer NMLS courses must first become an “NMLS Approved” course provider. Step one: done!
Next, all education courses for loan originators must be approved by the NMLS. This applies to both prelicense and continuing education courses. The NMLS is accepting course submissions from approved providers as of today, July 15. It is expected to take approximately 30 days for course approval, although NMLS expects a limited number of prelicense courses approved by late July.
The 12 fast-track states are the first group of states we are submitting courses to for NMLS course approval. Those states are Arizona, Idaho, Iowa, Louisiana, Massachusetts, Michigan, New Hampshire, North Carolina, Pennsylvania, Rhode Island, Vermont, and Washington.
We will keep you posted on our blog and website as soon as we get NMLS education approvals back.
How tough was it to get provider approval? The NMLS has set a high bar to become an “NMLS Approved” provider. ProSchools had to meet five criteria:
- Demonstrating course quality and rigor as intended by the SAFE Act
- A means for student feedback regarding course material
- Ensuring instructors are qualified, meeting legal requirements to instruct NMLS approved courses
- Ability to measure and verify student attendance and completion of coursework
- Meeting and maintaining legal and business requirements associated with individual state and jurisdictions
Besides getting provider approval and submitting courses for NMLS approval, ProSchools is developing exam prep for loan originators needing to take the state component and/or national component of the NMLS exam. Mortgage loan originators should be closely following their state’s implementation plan for meeting the SAFE Act. It is pretty amazing to watch this transition unfold!