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Get Licensed. Get Ahead.

NMLS deadlines for various states continue approaching.  Illinois mortgage originators have one coming up at the end of June.  Here’s the transition plan for Illinois and your timeline to stay legal:

• Those licensed after July 9, 2009 will need to complete 20 hours of NMLS approved education by 6/30/2010. 
• Those licensed prior to 7/30/2009, had the option of getting their state approved pre-license hours certified, but they had to do it by 12/31/2009.
• If an existing licensee (as of 7/30/09) didn’t get their hours certified, they have till 12/31/2010 to complete 20 hours of NMLS approved education. 

That’s a look at the education side of things. IL mortgage originators also need to pass the SAFE Test.  Again, it depends on when you got your license.

• Those loan originators licensed on or after 7/31/09 will need to pass both parts of the SAFE Test (State and National) by 6/30/10.  Count down time!
• Anyone licensed before 7/31/09 must pass the National and State Components of the SAFE Test by 12/31/10. 
• One last thing…all originators have to submit fingerprints through the NMLS for a criminal background check too.  New originators on or after 7/31/09 must submit fingerprints by 6/30/10 and anyone licensed prior to 7/31/09 has until 12/31/10 to get their fingerprints in.

If you haven’t scheduled your test yet and you are in the group that needs to pass the test by 6/30/10, you may find the test centers filling up. ProSchools suggests you take your test a minimum 3-4 months prior to the deadline.  Remember, if you fail the test, you have to wait 30 days to retake.  No one ever plans to fail, but sometimes the wording of the questions can be tricky.  Something new ProSchools just put together is a webinar review.  So far we’ve gotten really good feedback.