ProSchools has recently received approval for Rhode Island mortgage courses to meet the 20-hour S.A.F.E. Act requirements. Rhode Island mortgage loan originators must complete at least 20 hours of approved education, including a minimum of 3 hours of Rhode Island law, 3 hours of federal law, 3 hours of ethics and 2 hours related to nontraditional mortgage products.
Rhode Island is one of the states that says any loan originator that has taken at least 20 hours of state-approved education may be eligible to have their hours certified as having fulfilled the prelicense education requirement. As of December 1, 2009 only NMLS-approved courses will be accepted to meet MLO education requirements, so if you plan to do state-approved courses, this would be the time to get them done and certified.
Besides getting the education taken care of, Rhode Island requires LOs pass a national background check, pass the S.A.F.E. Mortgage Loan Originator Test (which is actually two exams, a national exam and a state exam), plus register with the National Mortgage Licensing Registry.
Current licensees must pass both sections of the exam to renew for 2010. The deadline is December 31, 2009. New licensees must pass both sections of the exam prior to filing the MU4 form and before filing the Rhode Island state specific requirements with the Division of Banking. ProSchools has NMLS-approved courses, but if you are looking to get state-certified courses, we aren’t able to help you. We also have exam prep to help prepare for the SAFE test.