Everyone will be required to complete 20 hours of NMLS-approved prelicense education, pass both the National and California components of the SAFE Mortgage Loan Originator Test, submit fingerprints for a criminal background check, authorize a credit report through the NMLS, and register with the NMLS.
The deadlines to complete the requirements depends on if you are an employee of a California Finance Lender, Residential Mortgage Lender or are a Real Estate licensee.
Employees of a California Finance Lender or Residential Mortgage Lender are regulated by the Department of Corporations and must do the following by May 28, 2010:
- Complete 20 hours of NMLS-approved prelicense education.
- Pass the SAFE Mortgage Loan Originator Test. The SAFE Mortgage Loan Originator test is actually two exams, a national exam and a state exam, which may be taken separately.
- Register with the Nationwide Mortgage Licensing Registry (NMLS).
If you are an existing real licensee and conduct loan origination activities you are regulated by the Department of Real Estate and must do the following by December 31, 2010:
- Complete 20 hours of NMLS-approved prelicense education. NOTE: This is only required for new applicants on or after January 2, 2011. Existing real estate licensees will not need the 20 hours of NMLS-approved education if all other requirements are met by December 31, 2010.
- Pass a national background and credit check.
- Pass the SAFE Mortgage Loan Originator Test. The SAFE Mortgage Loan Originator test is actually two exams, a national exam and a state exam, which may be taken separately.
- Register with the Nationwide Mortgage Licensing Registry (NMLS).
- ProSchools has the 20 hours of NMLS-approved prelicense education and exam prep for the National component of the SAFE Mortgage Loan Originator Test.
Check out ProSchools’ California mortgage courses.