ProSchools has kept a watchful eye on Washington mortgage education, one of NMLS’s 12 Fast-Track states. As we follow each state’s plan to implement the SAFE Act, there are many variations of what current originators must do to comply and what new applicants will have to do. Washington has spelled it out pretty clearly. You just have to know when you got licensed or when you plan to get your loan originator license and then you can figure out your timeline and what you need to do.
Any Washington loan originator application submitted by July 30, 2009, will fall under the current licensing standards. Applicants will have to pass PearsonVue’s Loan Originator exam and complete current continuing education requirements by 12/31/09. In order to meet the SAFE Act requirements, they’ll have to pass the NMLSR exam (possibly just the “national component”) plus complete 20 hours approved NMLSR prelicense education sometime mid-to-late 2010. Washington Dept of Financial Institutions has not set a specific date yet, so we will keep listening for that information.
The next group of Washington loan originator applicants that need training are those submitting on or after July 31, 2009. These originators need to pass the NMLSR exam (national and state) prior to licensing, but they have until December 31, 2009 to complete the 20 hour NMLSR approved prelicense education. Remember, the education and exam are two separate requirements.
The last group of originators are those that submit their loan application on or after January 1, 2010. These folks will have to pass the NMLSR exam (national and state) plus complete the 20 hour NMLSR approved prelicense education prior to applying for their license.
One last note: ProSchools’ understanding is that each state has the ability to waive the 20 hours if licensees can prove they have already completed 20 hours of approved education under current licensing requirements. Will Washington waive the 20 hours? We’ll keep watching DFI’s website for that important piece of information.