Rhode Island loan originators may not have it too difficult. Looks like mortgage loan originators that have taken at least 20 hours of state-approved education should be able to have their hours “certified” as having fulfilled the 20-hour NMLS prelicense education requirements. I’ve seen other states operating on this approach, which is great if you’ve done state-approved education in the past. Make sure to check with your state to see if former mortgage education will count towards NMLS education.
Important note: Anyone that has taken less than 20 hours of state-approved education must complete the remaining hours in state-approved courses by November 30, 2009 in order to have their hours certified by the state. These are state-approved courses, not NMLS-approved courses. If you have 18 hours completed as of today, I’d do 2 more hours before the deadline.November 30 is a little over a month away, so figure it out now and come up with a plan. Don’t wait until the day after Thanksgiving!
Starting December 1, 2009, only NMLS-approved courses will be accepted to meet MLO education requirements.
Last of all, current mortgage loan originators need to pass the SAFE Act Mortgage Loan Originator Test - National and Rhode Island components by December 31, 2009. New licensees must pass both parts of the SAFE exam prior to filing the MU4 form and before filing the Rhode Island state-specific requirements with the Division of Banking. ProSchools has the SAFE courses and exam prep for Rhode Island loan originators. We strongly urge you to study before taking your exam. It’s not an easy exam and you have to wait 30 days to re-take the test.