ProSchools just learned that the NMLS Exam Components (National and State) for meeting the S.A.F.E. Act are now available for enrollment and scheduling for these states: Arizona, Idaho, Iowa, Louisiana, Massachusetts, New Hampshire, North Carolina, Pennsylvania, Rhode Island, Vermont, and Washington.
The exams will not be available to take, however, until July 30, 2009. It appears prior to scheduling the exam, loan originators will need to fill out a “test enrollment” and pay the NMLS. This process will allow loan originators to identify the state(s) where they are licensed (or plan to get licensed) and then select the specific exams they need to take.
There is a MLO handbook that is very helpful, with information on how to register for both the National and State Component of the exam. Loan Originators will only need to take the National Component of the test once, unless the person is unlicensed for a period of five years or more. They will need to take the State Component for each state they are in or seek to be licensed in.
Another good thing is that the National and all State Test Components will be available at all test centers. You don’t have to travel to Maryland to take a Florida State Component exam. The National Component is $92, and each Unique State Component is $69.
One more note: loan originators do not have to take a course prior to taking their exam. However, ProSchools encourages people to find out if the 20 hour NMLS course is available prior to taking the exam. Ideally, you could take an approved NMLS course and get credit towards the 20 hours, plus be preparing for the exam in one big sweep.
In order to accomplish this, you should make sure the course and provider are approved and that the course is covering what is on the exam. Don’t be afraid to ask questions! There’s a strategy for getting this done right the first time! Will keep watching the NMLS website for the latest.