If you are a mortgage loan originator, at some point you have probably questioned the reasoning behind passage of the SAFE Act. ProSchools estimates that several hundred-thousand mortgage brokers and loan originators could be impacted. In case you are still wondering about the “why”, here is a little background on the fede
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Mortgage loan originators have frequently called us to find out when the NMLS National and State exam, required by the federally-mandated SAFE Act, will be ready to take. The first thing we try to determine is what state they are asking about because not all states will have the NMLS exam available this year. Here is what the NMLS is saying:The
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We have known for awhile, based on the SAFE Act, that existing state-licensed mortgage loan originators (MLOs) can use completed state-approved education courses towards the 20 hours required under SAFE. However, ProSchools just learned that the NMLS will not accept “partial hours” from existing licensees.Here is a quick summar
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